Corning Sees Pressure On LCD Glass Pricing; Mulls Layoffs

Corning (GLW) this morning said the company is considering a new round of cost-cutting moves , including job cuts, in response to intense pressure on LCD glass pricing. On an upbeat note, Corning said that preliminary estimates of LCD TV sales in the U.S. in November were actually ahead of last year. In a statement, CFO Jim Flaws said the company was “encouraged by this strong performance in the weak economic climate.” Flaws said that sales were below its original expectations, but that the company is “pleased to see the resiliency of this product with consumers,” and “gives us a measure of confidence there could be continued growth in this market next year.” Flaws added that LCD TV sales in Japan in November were up 28% year over year, higher than expected. In Europe, preliminary data for October 29% growth, above expectations. In China, LCD TV unit sales were up 31% in the September and October period, slightly lower than expected. But Flaws said the ... (link)