Corning Raises 4Q Volume Expectations

Corning Inc. (GLW: News ) said that it continued strength in worldwide LCD television sales has led to an increase in the company's fourth-quarter glass substrate volume expectations, and an improved outlook on 2010 glass market growth.

The company now anticipates the worldwide glass market will be closer to 2.4 billion square feet this year, an improvement from earlier estimates of 2.3 billion square feet. Corning now believes global LCD TV sales will exceed 132 million, up from the previous expectation of 129 million sets.

Telecommunications segment remains on track with the company's previous guidance of a 10% to 15% sequential decline as the industry continues experiencing global weakness, except in China.
 
Automotive demand appears to be fueled by an industry-wide need to replenish inventory in the supply chain, and diesel demand is the result of sales in advance of more stringent 2010 heavy-duty engine emissions regulations. The company now expects fourth-quarter segment sales to be flat sequentially versus the previous down 10% to 15%.

James Flaws, Vice Chairman and Chief Financial Officer, said, "The strength of the fourth quarter suggests that the 2010 LCD glass market could be larger than what we previously thought. If the supply chain exits this year at healthy levels and retail sales continue strong, the normal seasonal decline the glass industry usually experiences in the first quarter may be less than anticipated."