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Corning Cuts Q3 Outlook; Stock Stumbles

September 3, 2008
by Eric Savitz
Blogger and Columnist, Barron's, Tech Trader Daily

Eric Savitz

Corning (GLW) this morning said it now sees Q3 profits before special items of 43-45 cents a share, down from previous guidance of 48-51 cents. Sales are now expected to be $1.58 billion to $1.62 billion, down from $1.65 billion to $1.72 billion. The company also dropped its gross margin expectation for the quarter to about 47 percent from “at least 50 percent.”

In a statement, Corning said the reduced guidance reflects lower-than-expected shipments of LCD glass in the company’s wholly owned display business.

In a statement, CEO Wendell Weeks said the “supply chain correction … is taking longer than we expected.”

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