Corning Says LCD Concern Led To Earnings Range Change
February 20, 2001
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Concerns about a possible glut of liquid crystal display (LCD)
screens led glass and fiber optics maker Corning Inc. to widen the
range of its first-quarter earnings forecast last month, Chairman and
Chief Executive John Loose said recently. Loose, speaking to
investors at a conference, reiterated company forecasts for the first
quarter, including pro forma earnings of 28 cents to 31 cents per
share, a range that Corning widened on January 24 from between 29
cents and 30 cents. At the time, Corning said some telecommunications
companies might lower first-half orders in the face of tougher
capital markets and added that some liquid crystal display customers
could adjust inventories of monitors in the first quarter, given the
current retail environment. At the conference, Loose said that
concerns over a rising supply of LCD displays led to the range
adjustment.