Corning Sees $5B In 2009 Sales; Under $1B In Q1

Corning (GLW) said it has “designed its financial plan” for $5 billion in sales in 2009, with under $1 billion in sales in Q1. The Street has been expecting $4.7 billion for the year and $970 million in the quarter. But the company said it expects a “significant improvement  in LCD glass demand” in Q2. CFO Jim Flaws said in a statement that if this improvement does not occur, the company is “prepared to take additional restructuring actions to ensure the financial health of the company.” Corning said it expects first quarter LCD glass volume to decline 20%-25% sequentially “as the supply chain contraction continues.” The company notes that it has reduced its glass production by more than 50%, and that its JV with Samsung has idled more than 25% of its capacity. The company sees the 2009 LCD glass market at about 2 billion square feet, flat with 2008. Corning sees a decline in LCD monitor sales, with gains in LCD televisions.  The company ... (link)