Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Corning Incorporated (NYSE:GLW)

JPMorgan Global Technology, Media and Telecom Conference

May 20, 2014 11:20 AM ET

Executives

Jim Flaws - Vice Chairman and Chief Financial Officer

Analysts

Rod Hall - JPMorgan

Rod Hall - JPMorgan

All right, I think we are going to go ahead and get started. Welcome everybody. I am Rod Hall. I am JPMorgan's telecom and networking equipment analyst, and I have got the pleasure to have Jim Flaws with me, who is the Vice Chairman and CFO of Corning Incorporated, so Jim, welcome. Thanks for coming to the conference.

Jim Flaws

Thanks, Rod.

Rod Hall - JPMorgan

I wanted to kick off with, I guess, a few questions for Jim and then if you have got a question in the audience, just raise your hand and we will try to work you in by all means want to make this interactive.

Let me just start, Jim, with I guess a question on telecom since networking is close to my heart. It's been an area that has been going really well for you guys. Can you just give us your take on what is happening with the telecom market as you see it and how that plays out through the year? There has been some debate over how sustainable the strength we have seen at the beginning of the year is going be on in towards the end of the year, so at least from Corning's perspective if you could give us a little bit of perspective that would be helpful.

Jim Flaws

Our telecom business is doing quite well and it's a little different mix than we have had last few years, so I will talk more from a product perspective, but fiber-to-the-home is quite strong. We are actually probably going to add a little capacity. It's not very expensive to add fiber-to-the-home capacity, because the business is quite strong and geographically spread.

The fiber business outside of China is much stronger than we expected this year. This is in the U.S., Europe and Latin America. We, actually, you may recall in the fourth quarter last year we had brought some capacity down. We are bringing that all back now, because the demand has been quite strong. Why it's different is, in past several years it really would have been China who was driving the fiber market and this is non-China business.

Enterprise has been okay for us so far this year. It looks like maybe the third quarter will be stronger than the second quarter. Then wireless, which we are a very small player, is growing very nicely, but obviously that's a relatively new opportunity for us.

Right now based on conversations with customers order outlook, it looks like it's sustainable for us certainly heading into the third quarter.

Rod Hall - JPMorgan

Okay. Thanks. Just following that one up, could we talk a little bit about the capacity, fiber capacity situation in China, there has been some talk that there is over capacity there and I wonder if you could just give us your take on that.

Jim Flaws

There clearly is overcapacity in China, and has been there for at least 18 months, so you may recall last year there was a big [changed statement] [ph] in the China market whereas in 2011-2012 basically people were sold out on fiber and struggling to meet China demand that's long over last year and there was more capacity than there was market in China, so I don't have the exact numbers, but definitely there is overcapacity in China for fiber.

Rod Hall - JPMorgan

Okay. Any idea on when that might abate or do you think it just continues?

Jim Flaws

No. The China fiber market has always been terribly difficult for us to predict, so I don't know when that's going to swing.

Rod Hall - JPMorgan

Okay. Maybe just focusing on, kind of, short-term issue. You commented in the Q1 call that there was a technical issue with one customer in Korea that led to depressed volumes which you expected comped in Q2. Can you just catch us up on whether that issue has resolved now or you still feel comfortable with the commentary you have made around that?

Jim Flaws

The issue is resolving. We are getting some of the customers' volume back in Q2. We don't have it all back, but it's happening the way we predicted and we are resolving the technical issues on - it’s on a multiple of our customers' lines, so we resolved on some, not all, so I think we will again get more of the business back in Q3.

Rod Hall - JPMorgan

Okay. All right. Moving on to the cover glass business since we have kind of gotten there with Korea, you guys have talked about a lower-priced, lower-cost cover glass product and I wonder if you could just let us know when you think that is needed. When you would be ready with that sort of a product and maybe talk a little bit about the strategy around releasing that sort of a product as well?

Jim Flaws

We haven't given a release date. We expect it to be this year. What we are trying to aim at is low-end smartphones today that don't use an alumino-silicate glass. They use a soda-lime product, so we are trying to, Gorilla is obviously much more expensive than soda-lime and so what we're trying to do is develop a product that is better than soda-lime, but priced closer to it and to win that business that we don't have today.

We do have a lot of smartphone business in China with Gorilla Glass, but low-end phones we don't have and that's what we are trying to do, so I think Wendell likes to call it a soda-lime beater glass.

Rod Hall - JPMorgan

Yes. It's a popular term at dinner parties. I understand. The other question on that, I guess, would be how much of a BOM improvement would you be able to see, so are we talking just a couple of dollars of difference in cost here or more than that when you go from Gorilla to whatever this newer product might be?

Jim Flaws

We are not prepared to disclose that quite yet.

Rod Hall - JPMorgan

Okay. Well, let's talk about the higher end of the market then a little bit. Can you give us some feel for, you know, there is a lot of talk about Sapphire and certain vendors deploying Sapphire on different devices and it seems like Sapphire makes a lot of sense for a watch, but we are not so sure about it for phone, because the cost is so high.

I wonder if you could just talk us through what you guys think the cost differential looks like for Sapphire versus Gorilla, and what some of the things we in the market may be aren't thinking about with respect to new cover materials that we should be thinking about?

Jim Flaws

First, I'll comment just on Gorilla. A reminder that we are planning, we talked about this earlier this year. We are planning a new version of Gorilla. That will be an improved product and it will be launched this year.

Relative to Sapphire, I mean, our materials science people, we made our choice around Gorilla. We could make Sapphire if we needed to, but we think Gorilla has a number of advantages. Primary one is that, it's about the tenth of the cost of Sapphire and we think ultimately that really matters.

In our tests it performs better. On drop, we think it is a better product for light transmission and it's a lighter product than Sapphire is, so we intend to continue to make Gorilla bettor as we are going along and that's one of the reasons why we are introducing another Gorilla product this year, so we think those are the reasons why people will continue to choose Gorilla, but I won't comment. Sapphire people can defend their product.

Rod Hall - JPMorgan

Are the two products necessarily mutually exclusive? Would it be possible to laminate Sapphire on top of some form of glass and get some kind of a hybrid product that would have the characteristics of both materials?

Jim Flaws

Technically that is possible.

Rod Hall - JPMorgan

Okay. Do you think it would be an attractive solution or…?

Jim Flaws

I won't. I mean, that's…

Rod Hall - JPMorgan

Kind of out of your area of expertise?

Jim Flaws

Right. I am the CFO, remember?

Rod Hall - JPMorgan

You are a very knowledgeable CFO, though, so.

Jim Flaws

One of the comment, you mentioned watches, I'll just comment that Gorilla is already on watches today.

Rod Hall - JPMorgan

Right. I have got Pebble, which has Gorilla on it, I believe. Could you talk about the long-term supply agreements a little bit? You have mentioned that you are in dialogue with other customers, a long-term supply arrangement similar to this 10 year deal you signed with Samsung Display. Can you give us any sort of update on how that's progressing and I guess how popular these agreements are with some of these customers of yours?

Jim Flaws

I am not sure I follow the question exactly, because we are not planning on any other 10-year agreements. We did that because we were buying the other half of SCP. Essentially Samsung is by far the largest customer and since they had no ownership interest anymore directly and we insisted on a ten-year agreement.

With all of our display customers, we generally have contracts that can range from one year to multiple years. Almost all of them have quarterly price clauses, but we are not looking to change our contract structure with other customers right now. The ones that have those stable share agreements, we have those with the customers we want though we have other types of contracts with other customers.

Rod Hall - JPMorgan

Okay. You got the malformed question, but it sounds like you are pretty stable in terms of the structure of the contracts then?

Jim Flaws

Yes.

Rod Hall - JPMorgan

Do you think that the others, other competitors in the industry are stable? We've seen some instability on pricing at least with I know one competitor and probably one account recently. Has that all more or less stabilized or do we still have pricing anomalies out there that need to resolve themselves?

Jim Flaws

To the best of our knowledge, we are getting to where we don't have those anomalies that is what we think caused the quarter one larger price decline. In quarter two as we announced, we had - our price declines are much reduced from what they were in quarter one. Obviously we would like them to be even lower than that in quarter three, but the fact that they went that direction was very good news to us.

Hopefully, we are getting back to what we experienced for most of 2013, which is very moderate price declines per quarter.

Rod Hall - JPMorgan

Okay. On that subject, I suppose, could we talk a little bit about, I know you don't like to get too detailed about the capacity situation in industry, but it feels like demand toward the end of the year could pick up if we get your HD displays moving. How do you think capacity load flows across the year for the glass industry? Do you have any view on that? I mean, do we get fully capacity-utilized by the end of the year?

Jim Flaws

Generally in normal years Q3 and Q4 are higher loads on the glassmakers than Q2. Q2 is actually lowest of the year. There is excess capacity in the industry. We obviously have kept our excess capacity off-line in Korea.

Both of our large competitors have some excess capacity, so we don't think we moved to a capacity constraint period of time with forecast that we know about for the third and fourth quarter, but compared to where the industry was 18 months ago, definitely new footprint is not being built with the exception of NEG's recent announcement in China, which will come online for quite a while, so there is not new footprint being added.

Generally as the market grows, we are filling that up, but there still is excess capacity.

Rod Hall - JPMorgan

Okay. All right, so we don't get tight enough on capacity by the end of the year to affect pricing it sounds like from your point of view.

Jim Flaws

It's hard to imagine that being that tight, yeah.

Rod Hall - JPMorgan

Okay.

Jim Flaws

We would welcome the tightness.

Rod Hall - JPMorgan

Could we talk a little bit about your HD and 4K and what you guys foresee happening this year. I know you have talked about less expensive 4k TVs. Can you maybe just update us on your thinking regarding pricing there? Then how you would see the replacement cycle running later this year?

Jim Flaws

We think 4K television is still not priced to be mainstream, I think our forecast is approximately 10 million sets this year up from maybe 2 million last year. We think pricing has to get closer to being 50% above high-definition model to really drive demand significantly.

The good news about that, so that probably doesn't mean this year, probably means 2015, 2016. What we like about it is that similar to what we saw in high-definition is even though there isn't that much content yet remember, there wasn't that much content originally in high-def, when people come upon the replacement decision, there will be a better product for them to buy. At the end of last year, about half of the world's installed television base was a flat screen of some type, but only about 250 million units of that was five years or older.

If you fast forward a couple of years, you are going to have the installed base be probably three quarters flat screen and you're going to have maybe 500 to 600 units of that to be five years or older. That's a natural time for people to be thinking about replacement of the television. If there's a new better television available at a reasonable price point, we think it will accelerate the replacement cycle, so we think that's still to come, but we are not forecasting it for this year.

Rod Hall - JPMorgan

Are there any product differences from a glass supply point of view that would be necessary as these 4K TVs rollout, maybe not associated with the resolution of the TV, but just changes that people are thinking of making in terms of design.

Jim Flaws

Not for the two basic pieces of glass that we sell today for the TFT and color filter.

Rod Hall - JPMorgan

So form factors and things roughly similar to what we have today, people keep focusing on thinner and thinner?

Jim Flaws

Yes. The good news about 4K television is you want to have a bigger one when you do it and that obviously is great for us.

Rod Hall - JPMorgan

Yes. I am having the debate with my wife about that as we speak.

Jim Flaws

You want me to give her a call?

Rod Hall - JPMorgan

Yes. Absolutely, I think that would carry a lot of weight actually. So could you talk to us about the Willow Glass and some of the flexible glass options. Is there any update in terms of manufacturing flexible displays or on roll-to-roll glass that would be worth providing to the audience here?

Jim Flaws

There is really not much on Willow and roll-to-roll. I think, many of our investors know that we invented Willow to be roll-to-roll. Our customers actually don't have many processes for roll-to-roll, so we are actually shipping it to them in a different form factor.

I think flexible is really which is - Willow obviously is flexible, but flexible displays is where there is interest from our customers. You may recall Wendell showed at our Investor Day this new glass that bends like this repeatedly and that's a big emphasis for us from a technical point of view. I think that is of high interest to several of our customers.

The second area is really what we call 3-D shapes or some people call conformable, which is the most phones today are basically slab-like and there are customers who want to have different shapes of glass on phone. We can make Gorillas in 3-D shapes and that's an area of R&D emphasis for us trying to come up with shapes that customers will find attractive from a design point of view.

Rod Hall - JPMorgan

Great. Okay. I have got a question from the web that actually it's from [Alan], who is one of our analysts and in Asia sitting right there. I am going to ask it for you anyway, Alan so he is asking. He is saying China had some localization policies going for TV panels, which have started to get some critical mass in their talks about tariffs for glass now. Are you prepared for that? How do you think that plays out? Any local competitors that you are watching in China?

Jim Flaws

We are obviously prepared for the potential of tariffs and we have glass manufacturing in China. The Beijing factory is expandable if necessary, so we clearly are prepared for that, recognizing that now there is a huge economic advantage to ship off existing capacity with variable cost in other countries, but we are prepared for that.

In terms of local competition, obviously there is encouragement of that by the government. We have not felt them, particularly on any large size and we think most of their efforts have been smaller size Gen 5 and below probably little coming on Gen 6, but we really have not felt that and continue to be well received by our customers in China with our large-scale glass.

Rod Hall - JPMorgan

What do you think about the probability for tariffs? Do you think that it is highly likely or it's just too uncertain at this point to know?

Jim Flaws

I'm not enough of an expert to tell you, Rod.

Rod Hall - JPMorgan

Okay. All right. Just prepare for it and if it happens, it happens. I wanted to talk a little bit about the Dow Corning business and the gross margins there declining. What are your expectations for margins there? Do you think that that will stabilize in medium-term? Do you think that it continues to decline? What's likely to be the outcome there?

Jim Flaws

I think this on a silicone business we are likely to see this year be an improvement on margins versus last year. That will be driven by a little less price pressure and right now looks like a little less raw material pressure, so I think silicone margins will improve. They will not get back to the peak we had been in 2010 and 2011.

There still is too much capacity right now in silicones to have a lot of pricing power, but the silicone the world will grow into that silicone capacity and we have a long history of when silicone capacity gets to be about 90% utilization, that's when you have pricing power again, but I think margins will improve. The other thing that's helping this year versus last year is, mix is helping the silicone margins, so I assume you are referred primarily to silicone's business.

Rod Hall - JPMorgan

Yes. Okay. I want to ask I guess about yen. Just to maybe catch us up on what's going on there? I know you have extended your effective hedging of forward contracts. Can you just update the audience on where we stand with that whether there is any further action required in the next six months or so?

Jim Flaws

When the yen made its sudden move back in fall of 2012, remember when - looked like it was going to get elected in the end, suddenly went from being around the 80 to 82 range to the low 90s and then subsequently moved higher than that, so weakening of the yen.

Corning made the decision in the beginning of 2013 to hedge out our translation exposure on LCD business for 2013 and 2014 and we later added part of 2015. We did that and we adopted a core reporting rate for the yen, because our glasses are all priced in yen to our display customers.

By the way, Gorilla Glass is priced in dollars. What our desire was to, was to convert to dollar pricing and that what is why we only did a couple years originally, because we thought we get to U.S. dollar pricing. As the year unfolded, it became apparent to us that we are unlikely to get the industry to convert to pricing. Therefore, that placed us in a risk position, because the yen has been averaging well above our core reporting rate, so in quarter one we made the decision to extend our hedges beyond first part of 2015 to do more 2015, 2016, 2017, and I would characterize it more of as a risk mitigation because of the predominant weight of forecast is that the yen would continue to weaken, so we didn't want to place ourselves and investors in a position where what if the yen went to 105 or 110 or 115 as there are some forecasts.

We entered into some protection for those years. In general, it's around a rate of 99. We have not picked a new core reporting rate. We will obviously do that as we get closer to 2015, but we did that as some protection against that. We obviously would welcome some world of that, because the yen has strengthened for a period of time and we would jump all over that, but this has become, at least for the CFO, is the number two issue to think about right after the number one being LCD pricing disturbance.

Rod Hall - JPMorgan

Maybe you probably won't give me an answer on this, but you were advising an analyst on how to model the yen exchange rate, I mean, if you me, you would just split it somewhere between 93 and 99. How would you think about modeling it?

Jim Flaws

I think that you're going to - I mean, you have to decide whether you really think the yen is going to stay where it is. It's basically been most of the last six months between 90 and 102. If you are believer than that then we are going to probably have to face up to some level of change in the core reporting rate. It's my intent in our July call to give you an update on our hedging position.

Rod Hall - JPMorgan

Okay. You mentioned pricing, obviously, always a topic of interest. Seems like price increases have stabilized a little bit recently. Any comment on what you think is driving that. Is it pure supply/demand dynamics? What happens to LCD pricing as we move through the back-end of the year, we have some of these new sets coming out and so on?

Jim Flaws

Price of glass pricing for us you mean?

Rod Hall - JPMorgan

No. Panel price.

Jim Flaws

Panel pricing?

Rod Hall - JPMorgan

Yes.

Jim Flaws

Panel pricing is going our way. In fact, on my way here this morning, I got an update on panel prices and panel were increases. We have seen it on 32s, but we've now seen some increases on 40s. That's great news for us and our customers are still going to ask for price declines, but it's a lot a easier for everybody. It helps their margins too if panel prices are moving up.

I would say best to have move up slow, but steady basis, so much of the last three months we have seen a better panel pricing environment.

Rod Hall - JPMorgan

Let me clarify when I asked, we've been seeing the same thing and then we have been hearing back from Asia that panel pricing is beginning to stabilize, so it's not increasing as much as it was. Did your data differ from that? I bet you have got better information than we do.

Jim Flaws

I doubt, I think you are probably all buy from the sources, but we are continuing to see small increases.

Rod Hall - JPMorgan

Do you think that continues going through the year? Just hard to…

Jim Flaws

My ability to predict panel prices is well known to be terrible.

Rod Hall - JPMorgan

Okay. My too. What about the admin and the new technology. I guess that should move pricing up on average as we rollout UHD 4K displays.

Jim Flaws

For the panel makers?

Rod Hall - JPMorgan

Right.

Jim Flaws

Yes, and the real question is what is their cost structure on those. I mean, we clearly think that the supply chain north of us would like to make more money on average set. The danger for them as they always know that if they overprice it people won't buy the television, television is a very price-sensitive purchase for most consumers, so my guess is that they will try to make quite a bit of money initially. Then they'll recognize they need more volume on it. They will lower prices and that's what I talked about that we think the tipping point is when prices get to be around 50% increase above a good high definition television (Inaudible) buy a very low-end high definition television, but around a good one if they get to that point we see people adopt.

Rod Hall - JPMorgan

Can you remind us did you get the benefit of having seen this over time, a few times, but when HD came around what happened with panel pricing as we got into the stage we are going to be in at the end of this year with 4K. Did panel pricing on average come up as a result of these higher priced units and then over time normalized or how did things go with HD?

Jim Flaws

Well, if you mix the non-HD with HD, yes, panel pricing went up. Okay? I think the better thing really is to track the price points of how high-definition panels came down and they started very high and then you can plot them actually carry around me a six-year history of panel prices and you can see this really relatively sharp, but smooth curve going like this and I think that's the key thing to watch and I suggest taking a size to focus on, so pick like a 55-inch one and then look at that.

Rod Hall - JPMorgan

All right. I want to make sure the audience has a chance to ask you some questions if they have them. We have got about six minutes left, so just if anybody out there has got a question they would like to ask. [Mark], did you have one?

Question-and-Answer Session

Operator

Unidentified Analyst

(Inaudible)

Rod Hall - JPMorgan

I'll just repeat that so offshore cash mechanisms for potentially bringing it back onshore?

Jim Flaws

I think at the end of quarter one, we had about 1 billion for United States and we have a plan at the end of the year to bring back a significant additional amount and that's the maximum I can say about right now.

Rod Hall - JPMorgan

Just could we maybe widen that discussion up a little bit, we have got a lot of technology companies with a lot of offshore cash that they would love to bring back onshore, I suspect. Some have borrowed against it, so I just wonder as a CFO looking outside of Corning, what do you think the trends are going to be there? Will people just continue to sit on all this cash and wait for a change in the government that will allow them to come back onshore change in legislation or will they start bringing onshore by borrowing against it using other mechanisms?

Jim Flaws

I think it will be pretty company-specific in terms of their strategies. There are some companies that can afford to borrow from a leverage point of view and you have seen a couple of companies just say look I am brining the money back. Others are borrowing. Others are, I think, waiting for Congress.

I think the pharmaceutical industry maybe get people thinking a lot about this with the proposed merger that didn't happen in [inversion]. We definitely believe Congress should act. It's in election year, so it's hard to imagine anything happening, but we think Congress should act. Meanwhile, our plan is to try and figure out ways to bring money back efficiently as much as possible within the accounting and obviously tax rules, but I don't think there's one answer for every company.

Rod Hall - JPMorgan

Okay. Thanks for that. Other questions in the audience? Up, here.

Unidentified Analyst

You talked about your R&D spending. You always spend a lot of money in R&D and spend - with. Could you talk about the level you are spending? Also, you talked a little bit about new products, the lower priced glass, but talk about the exciting products we could see coming out of R&D in the next couple of years.

We have actually changed our metrics for R&D over last couple of years, and I will say this prior to the acquisition of the other half of Samsung-Corning, because it changes how our P&L looks, but prior to that we used to talk about R&D as a percentage of sales and really try to deemphasize that a couple years ago and what we have asked our Chief Technology Officer is to think about spending no more than 20% of the dollars of gross margin and maybe a little bit less than that of our business pre the acquisition of Samsung.

Within that, we spend a certain amount of what we call core researching capability. We spend a certain amount on development for our existing businesses and then we spend some on what we will call more brand-new types of opportunities. You mentioned some of the ones, we've talked about which had been in the area of expanding the use of glass into other types of products whether they would bendable glass, Willow Glass. We are spending some money in life sciences, on things that we are not yet prepared to talk about, but I hope to be next year, which is significant.

Out of that, we hope following Corning's long history there will be a breakout large product, but I can't tell you which one will be that. Actually, I am probably the worst predictor of it, because I am the guy for green lasers would be really great product and it wasn't, but that's how you should think about R&D spend.

I think, maybe we need to maybe do a better job for investors showing how much goes into those buckets of research development for existing businesses and then new products. For one for our existing segment is environmental, where we are spending money on gasoline particulate filters. Most people don't realize that gasoline engines emit particles also like diesels do and with direct injection that increases and so we are planning to and we are spending some money on that.

Rod Hall - JPMorgan

You did provide more transparency around that. What would be the natural time to do it? Would it be the Investor Day or would you just do it on the fly, in the quarter, or?

Jim Flaws

I think it's likely during our Investor Day.

Rod Hall - JPMorgan

Okay. You mentioned new products were kind of winding down, but we haven't talked about the automobile business. You guys showed us in the Investor Day piece of glass that's being shipped on a one new model of automobile I think that you were talking about there and, also architectural glass, uses of Gorilla Glass. I wonder if you could update us on progress there.

Jim Flaws

Yes. I think, we are about to get hopefully in our second car very shortly, so I have high hopes on that. Then on architectural, the two initiatives that we are most interested in, one is our investment in View, the electrochromic windows. We are working with them to have our glass used in their process.

Then a second one is on elevators. We have a product a product to put Gorilla in elevators and we think that will be very good. It's a weight product. In fact, the next time investors come to Corning, you will some in our elevator.

Rod Hall - JPMorgan

Okay. All right, we are out of time, so thank you again Jim. Really appreciate you coming and thanks everyone for attending.

Jim Flaws

Thanks, Rod.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Corning's (GLW) Management Presents at JPMorgan Global Technology, Media and Telecom Conference (Transcript)

Check out Seeking Alpha’s new Earnings Center »

This Transcript
All Transcripts