What is Corning's financial outlook for the third quarter of 2003?

Corning reiterated its guidance for the third quarter of 2003, expecting revenues to be in the range of $740 million to $765 million and reporting an earnings-per-share profit of $0.01 to $0.03, excluding restructuring charges and other non-recurring items.

What are the key growth drivers identified by Corning for the future?

Corning identified three primary areas for future growth: 1) Telecommunications, driven by Fiber-to-the-Premises (FTTP) investments due to new FCC broadband rules; 2) Liquid Crystal Displays (LCDs), fueled by increasing demand in notebooks, flat-screen monitors, and televisions; and 3) Diesel emissions control, presented as a potential $1 billion global market opportunity due to new regulations.

What is Corning's projected impact from Fiber-to-the-Premises (FTTP) investments?

While Corning does not expect significant FTTP revenue impact in 2003, it anticipates substantial opportunities as market penetration increases. The company estimates the potential value for fiber, cable, hardware, and equipment to be in the range of $80 to $200 per home over the next 10 to 20 years.

How is the LCD glass market expected to grow, and what is Corning's position?

Corning believes the LCD glass market will grow at 30-50% annually over the next several years, driven by a doubling of notebook computer volumes, the shift from CRT to flat-screen monitors, and growing popularity of LCD televisions. The total market is projected to reach one billion square feet by 2007. Corning emphasizes its market leadership, particularly with its commercially available Generation 6 LCD glass for larger substrates.

GLW 8-K SEC Disclosure

Summary

This 8-K filing from Corning Incorporated (GLW), filed on September 4, 2003, primarily disseminates information shared during a presentation at the Smith Barney Citigroup 2003 Technology Conference. The key takeaway for investors is Corning's reiterated guidance for the third quarter of 2003, with revenues projected between $740 million and $765 million, and an earnings-per-share (EPS) of $0.01 to $0.03, excluding certain charges. More importantly, the filing highlights several significant future growth opportunities for Corning. These include the telecommunications sector, driven by Fiber-to-the-Premises (FTTP) investments spurred by new FCC broadband rules, which could represent a substantial market per home. Additionally, Corning sees strong growth potential in the liquid crystal display (LCD) glass market, citing increasing demand for notebook computers, flat-screen monitors, and LCD televisions, with a projection for the total LCD glass market to reach one billion square feet by 2007. Lastly, the company identifies a potential $1 billion global market opportunity in the diesel emissions control sector, leveraging its established expertise in ceramic substrates and filters.

Key Highlights

1Corning reaffirmed its third-quarter 2003 guidance: revenue between $740 million and $765 million, and EPS of $0.01 to $0.03 (excluding restructuring charges).
2The company anticipates significant long-term growth opportunities in telecommunications driven by Fiber-to-the-Premises (FTTP) deployments, potentially worth $80-$200 per home.
3Growth in the Liquid Crystal Display (LCD) glass market is expected to continue at 30-50% annually, fueled by increased demand for notebooks, flat-screen monitors, and LCD TVs.
4Corning projects the total LCD glass market to reach one billion square feet by 2007, up from 200-300 million square feet currently.
5A potential $1 billion global market opportunity is identified in the diesel emissions control sector due to new global regulations.
6Corning highlighted its leadership in next-generation, larger-size LCD glass substrates, specifically mentioning its commercially available Generation 6 LCD glass.
7The company's presentation was webcast live and is available on Corning's website.

CORNING INC /NY 8-K Report (Sep 4, 2003)

Summary

Key Highlights

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