18 avril, 2005 15:37
Corning raises forecast
Monday, April 18, 2005 Updated at 9:41 AM EST
Associated Press
CORNING, N.Y. — Glass products manufacturer Corning Inc. said Monday that its first-quarter results will exceed earlier guidance because of strong performance from its Dow Corning business and higher-than-expected demand for hardware and equipment products. The new figures surpass current Wall Street estimates.
The company said it plans to record a profit of 16 cents to 17 cents per share, excluding restructuring, other charges and a gain from an asbestos settlement. That's significantly higher than its earlier guidance for adjusted earnings of 11 cents (U.S.) to 13 cents per share.
Corning said sales will range from $1.04-billion to $1.05-billion, up from its previous forecast of $980-million to $1.03-billion.
Analysts surveyed by Thomson Financial expect a first-quarter profit of 12 cents per share on sales of $1.01-billion.
The company said a lower-than-anticipated corporate tax rate also helped results. Corning said volume and pricing of optical fibre and liquid crystal display glass will be within earlier guidance for the quarter.
The company said one-time charges and gains will cancel each other out for the quarter, leading to bottom-line earnings that range from 16 cents to 17 cents per share, matching adjusted results.
Corning plans to report first-quarter results on April 26.
