Corning Raises Second Quarter Guidance

Reuters: Corning CEO Wendell Weeks updated attendees at the Sanford Berstein Strategic Decisions Conference in New York City:

The LCD supply chain is in full recovery mode. The LCD supply chain continues to replenish; glass supply and demand is very tight right now, much stronger than we anticipated. This has led to an imbalance… that will likely last through the end of the third quarter.

Corning, the dominant LCD glass supplier with about 60% market share, raised its guidance for the second quarter. The company expects LCD glass volume to grow by more than 75 percent relative to the first quarter. The raisded guidance is up from its previous forecast of a  59 percent increase. Corning expects better-than-expected demand for LCD glass for TV applications in the second quarter.

Samsung Corning Precision Glass (SCP), a joint venture between Samsung and Corning that serves the South Korean LCD glass market, is expected to grow more than 40 percent quarter over quarter, a significant increase in guidance from 25 percent.

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