Corning Q1 Revs, EPS Top Ests; Raises ‘09 Glass Forecast

Corning (GLW) this morning posted Q1 revenue of $989 million, down 9% sequentially and 39% year over year, but above the Street consensus at $963.4 million. Likewise, non-GAAP EPS of 10 cents a share beat the Street consensus estimate of a nickel a share. The LCD glass maker did not give specific Q2 guidance. But the company did say it expects a 50% increase in glass output sequentially from its wholly owned glass operations, with a 25% sequential increase from its Samsung Corning joint venture. The company also said it expects “significant sequential improvement” in revenues, gross margins and non-GAAP profits in the second quarter. Gross margin was 27% in Q1, down from 28% in Q4. The company also said it sees “modest sequential growth” in its non-LCD business segments in the second quarter, adding that “Dow Corning has seen improving monthly sales which could lead to notably better results for its earnings.” The company also revised its ... (link)