Corning Sales Increase 7% in Third Quarter
Corning Inc. recently announced its results for the third quarter of 2012. Sales were $2.04 billion, up 7% from quarter two and down 2% year over year. Sales in the Display Technologies segment were $763 million, a 19% sequential increase and 6% year-over-year decline. Glass price declines for LCD were moderate, as expected. The Specialty Materials segment posted sales of $363 million, a 23% sequential and 21% year-over-year increase driven by Gorilla Glass sales in the handheld and information technology device markets.
“We were pleased with Corning’s overall performance this past quarter as we grew sales and earnings sequentially, and exceeded our expectations for the period,” said Wendell P. Weeks, chairman, CEO, and president. “We are making progress on our goal to improve Corning’s overall profitability. We had our strongest quarterly sales to date for Corning Gorilla Glass. Our Display Technologies segment continued to stabilize its earnings with another quarter of moderate LCD glass price declines. However, weakening global economic conditions worked against our sales results in Telecommunications and Environmental Technologies.”
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