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Industry experts forecasts demand for advanced flat glass to expand nearly 6% per year to $7.7 billion in 2010.
Following the impact of earthquake on its facility in Japan, the company expects that the rebuild at Shizuoka will result in about $22 million in incremental accelerated depreciation charges in the third quarter. Also, CEO Wendell Weeks said, "The restart of our Shizuoka plant is on track."
Corning noted that it now projects sequential volume at its wholly owned business to be down less than 5% sequentially in the third quarter, compared to its previous estimate of down 5% - 10%.
Earlier in July, the New York-based company said it continues to expect third-quarter glass substrate prices to be even with those of the second quarter. Further, Corning raised its forecast for LCD glass market volume in 2009 due to the vitality of LCD TV sales in the first half of the year. The company currently expects that total yearly volume would be around 2.3 billion square feet, or about 15% growth over last year. Corning initially expected annual glass volume to be 2 billion square feet and early last quarter revised it upward to a range of 2.1 billion.
Last week, Corning announced that some of its glass-making operations at its LCD glass manufacturing facility in Taichung, Taiwan, had been hit hard by a power disruption over the weekend. The company expects the disruption to have a material impact on glass volume in the fourth quarter. Hence, the company now expects fourth-quarter glass volume to be flat to down slightly sequentially. Without the power disruption, the company said it believes quarterly glass volume would have increased by as much as 5%.
For the preceding second quarter, the company posted a decline in profit, totaling $611 million or $0.39 per share, compared to $3.21 billion or $2.01 per share in the year-ago quarter. Quarterly net sales dropped 18% to $1.395 billion from the previous year's net sales of $1.692 billion.
Corning shares, which have been trading between $7.36 and $17.20 in the past 52 weeks, closed Friday's trading session at $15.65, up 5 cents or 0.32%, on a volume of 21 million shares.
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