Corning Q2 glass sales solid, Q3 price declines steady

|About: Corning Inc. (GLW)|By:, SA News Editor

Corning's (GLW -1%) Q3 LCD glass volumes are expected to be up slightly Q/Q, and price declines steady with Q2.

Specialty Materials (inc. Gorilla Glass) sales are expected to grow 10% Q/Q.

Telecom sales seen growing 20% Y/Y, environmental technologies "up slightly," Life Sciences (boosted by acquisition) +40%-45%

Q2 Display Technologies sales (inc. LCD TV glass) +21% Y/Y, up from +7% in Q1. LCD glass price declines smaller than Q1's, as expected. Segment earnings +11%.

Telecom sales +8% (-7% in Q1), Earnings +62% (aided by cost reductions).

Specialty Materials (inc. Gorilla Glass) +2% Y/Y (-10% in Q1). Earnings +33%.

Environmental Technologies -8% Y/Y (-13% in Q1), Life Sciences +35%.

Dow Corning (silicone unit) earnings -19% Y/Y, expected to fall 50% Q/Q in Q3.

Q2 gross margin was 43%, flat Q/Q and +100 bps Y/Y

$242M spent on buybacks.

SG&A spend -7% Y/Y, R&D -3% thanks to cost cuts.

Q2 results, PR