Summary Box: Corning posts higher 3Q profit

AP News
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Posted: Nov 01, 2010 1:39 PM
Summary Box: Corning posts higher 3Q profit

RESULTS: Corning Inc., the world's biggest maker of LCD glass, said its net income rose 22 percent to $785 million, or 50 cents per share, in the July-September period, as revenue climbed 8 percent to $1.6 billion. The results narrowly missed analysts' estimates.

SIGNS OF WEAKNESS: Corning's display technologies segment revenue fell 5 percent to $643 million as retail demand for LCD-TVs weakened in the United States and global glass volume slid 8 percent from a strong showing in the second quarter.

A GROWING BUSINESS: Mobile-device sales of its durable Gorilla glass were robust. Corning expects sales to reach as much as $1 billion in 2011 as the glass migrates to high-end TVs.