Corning Boosts Q2 Glass Volume Forecast

Corning (GLW) CFO James Flaws this morning said in a statement that second-quarter glass demand “is much stronger than we anticipated even a few weeks ago.” He says the company now sees Q2 sequential volume up about 100% in its wholly owned business. That is up from an original forecast of 50% growth, which had been revised up to more than 75% at the end of May. Flaws noted that the company met much of the improved demand by drawing down inventory, but that has it also has begun shipping glass from melting tanks restarted earlier in the quarter. Flaws added that Samsung Corning Precision Glass expects about a 50% sequential increase in volume, up from the 40% forecast on May 28, and an original prediction of more than 25% growth. Flaws second quarter prices were “moderate,” with smaller price declines than in Q1. He says Q2 supply chain inventory is about even with the start of the year, which he says is a positive sign. Driving demand is continued strong ... (link)