Voices » Samsung Corning Precision Glass http://voices.allthingsd.com from other Web sites Tue, 24 Nov 2009 01:48:39 +0000 http://wordpress.org/?v=2.8.4 en hourly 1 http://allthingsd.com/theme/images/logo-rss.jpg All Things Digital http://allthingsd.com/ 144 22 Corning: LCD Demand Crumbling; Guidance Too High http://voices.allthingsd.com/20081118/corning-lcd-demand-crumbling-guidance-too-high/ http://voices.allthingsd.com/20081118/corning-lcd-demand-crumbling-guidance-too-high/#comments Tue, 18 Nov 2008 15:23:01 +0000 Eric Savitz http://voices.allthingsd.com/?p=6086 By Eric Savitz, Blogger and Columnist, Barron’s, Tech Trader Daily

Things keep getting worse for Corning (GLW), as demand for large-screen LCD televisions sags in the face of a global consumer recession.

The LCD glass maker this morning said it is now withdrawing the financial guidance it provided just a few weeks ago for the fourth quarter and for 2009.

In a statement, CFO James Flaws said that “Panel makers, particularly those in Taiwan, have continued to reduce the utilization of their factories heading into the second half of this quarter in response to weakened retail demand for LCD televisions and desktop monitors.” He added that demand in the company’s wholly owned display glass business “has dropped more precipitously than we expected just a few weeks ago,” with “additional, but less severe, reductions in demand at Samsung Corning Precision Glass,” its joint venture in South Korea.

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