Corning Sales Rise 2%
Corning Inc. recently announced its results for the first quarter of 2012. Sales were $1.9 billion, a 2% increase sequentially and consistent with the year-ago quarter. Sales in the Display Technologies segment were $705 million, down 10% sequentially and 11% compared to a year ago. LCD glass price declines were reportedly in line with company expectations.
Specialty Materials segment sales were $288 million, a 21% sequential and 13% year-over-year improvement. The quarterly growth was driven by higher-than-expected Gorilla Glass sales for handheld devices and tablet computers.
“We are pleased with the progress we made in the first quarter,” said Wendell P. Weeks, chairman, CEO and president. “Our overall business performance is on track with our expectations. First quarter sales in our Telecommunications, Environmental Technologies, Life Sciences, and Specialty Materials business segments grew, and we continued making strategic investments to create new revenue streams for the company. In the Display Technologies segment, LCD glass volume was slightly better than our forecast. And, we were especially delighted with the strength of Corning Gorilla Glass sales in the quarter.”
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