26 Apr '12, 8am

Corning profits down in 1Q12

Rodney Chan, DIGITIMES, Taipei [Thursday 26 April 2012] Corning has reported first-quarter 2012 revenues of US$1.9 billion, a 2% increase sequentially but a slight decrease of 0.2% from a year ago. Net profits totaled US$462 million in the first quarter of 2012, down 6% from US$491 million in the fourth quarter of 2011 and down 38% from US$748 million in the first quarter of 2011. Its Display Technologies' wholly owned business LCD glass volume increased by mid-single digits sequentially and about 10% from the year-ago quarter. Volume at Samsung Corning Precision Materials was better than expectations, declining less than 10% sequentially and year over year, the company said. Its Specialty Materials sales, which include the Gorilla glass, grew 21% sequentially and 13% year over year, the company added. "We are pleased with the progress we made in the first quarter," Wendel...

Full article: http://www.digitimes.com/news/a20120426VL203.html

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