Corning Q3 Profit Falls 16% as Top Line Declines 5% (GLW)

10/26/2009 - Corning Incorporated (NYSE:GLW) reported Q3 EPS of $0.42, ex-items, beating consensus analyst estimates of $0.39. Revenues for the quarter fell 5% year-over-year to $1.48 billion, coming out ahead of consensus estimates of $1.42 billion. Chairman and CEO Wendell Weeks said, "The improvement we have seen over the past two quarters has increased our optimism for the fourth quarter . . . Retail sales for LCD televisions remained strong throughout the third quarter, and we believe this will continue into the fourth quarter, which is typically the heaviest retail buying period. This demand has allowed the global LCD supply chain to maintain appropriate inventory levels."

Write to Chip Brian at cbrian@tradethetrend.com

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