Corning profit jumps as TV, monitor demand rises |
Reuters - Apr 28, 2010 |
Shares of Corning rose 1 percent in premarket trading after the biggest maker of glass for liquid crystal displays increased its most optimistic forecast for annual glass industry output. Strong Chinese demand for flat-screen TVs is brightening up the outlook for the global LCD sector.
Corning, whose rivals include LG Display Co Ltd (034220.KS) and Asahi Glass Co Ltd (5201.T), said its first-quarter net income rose to $816 million, or 52 cents a share, from $14 million, or 1 cent a share, a year earlier.
Analysts had expected 42 cents a share, according to Thomson Reuters I/B/E/S.
"Upside came from strong gross and operating margins given solid profitability in Display and Telecom, as well as better than expected equity earnings from (equity ventures) Dow Corning and Samsung Corning Precision," said UBS analyst Nikos Theodosopoulos in a client note.
Read Full Article from Reuters
- Posted: 2010-04-28 10:00:07
More Stock Investor Place Company News |
|
|
|
Stock Investor Place Company News Archive |
|
|