Corning Outlines Growth Initiatives For 2004
February 11, 2004
Factors such as continuing robust growth in liquid crystal displays (LCD), stable financial performance in telecommunications, and the benefits of the prior year's divestitures and restructuring have positioned Corning Inc. for improved profitability in 2004, Wendell P. Weeks, president and chief operating officer, recently told investors. Corning will reaffirm its previously announced first quarter guidance, anticipating sales in the range of $770 million to $830 million, with earnings per share in the range of $0.04 to $0.05, before special items. This estimate is a non-GAAP financial measure. The company told investors that it remains sold out of LCD manufacturing capacity in the first quarter, and glass volume is expected to grow sequentially in the range of 5% to 10%, with stable pricing. Sequential volume of optical fiber products will be flat to down 5%, with some moderate pricing pressure expected for the quarter.
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