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Wednesday, Apr 24
More on Corning: EPS beat estimates thanks to a 100 bps Y/Y increase in gross margin to 43% (a...
More on Corning: EPS beat estimates thanks to a 100 bps Y/Y increase in gross margin to 43% (a 200 bps drop was seen in Q4). LCD unit sales +7% Y/Y (+3% in Q4) and 36% of total, volume rose by a "mid-teens" level. Telecom (optical fiber) sales -7% (+10% in Q4) and 26% of total. Specialty materials (inc. Gorilla Glass) sales -10% due to semiconductor weakness, but earnings +39%. Environmental -13%, Life Sciences +34% (boosted by M&A). Opex fell slightly. Q2 LCD volume expected to be similar to Q1, price drops to remain moderate. Telecom sales to rise 20% Q/Q, specialty materials 15%-20%. GLW +2.2%. CC underway (webcast). (PR)