Corning Display Technologies First Quarter 2011 Results

BusinessWire:

In the display segment, Corning expects combined glass volume in the second quarter to be consistent with the first quarter. Glass volume for the company’s wholly owned business is anticipated to decline in the low- to mid-teen range sequentially, primarily the result of lower utilization rates at several customers. At Samsung Corning Precision, volume is expected to increase in the low- to mid-teen range for the quarter. Glass price declines are expected to continue to moderate.

The Display Technologies segment sales increased 5% Q/Q to US$790 million. As Corning expected LCD glass substrate prices declined more moderately than in Q4’10. Samsung procures a significant portion of SCP’s LCD glass capacity.

James Flaw, Vice Chairman and CFO at Corning, expects a significant bump in LCD glass demand in the third quarter due to Sharp resuming production.