Corning has revealed that its glass display revenue and volume both fell by five per cent on a year-on-year basis in the third quarter of 2010.

The company, whose glass is used in LCD televisions and computer monitors, saw the previously strong demand for its products fall significantly during the three-month period.

In addition, the latest figures show that Corning's telecommunications division sales rose by 3.1 per cent, with its specialty materials segment registering a 77 per cent surge.

The main factor in this improvement was strong sales of its scratch-resistant Gorilla Glass, which is used in smartphone and tablet computer screens.

Chief Financial Officer Jim Flaws claimed that LCD television sales remain robust around the world - apart from in the US - and will continue to in the fourth quarter.

However, analysts have questioned this assessment and are now interested to see if Corning can maintain its growth through alternative products.

"Now that LCD screens have more than 80 per cent penetration of the market, we're drawing to the end of that story," Yair Reiner, of Oppenheimer & Co, told Reuters.

"And the question is, can Corning show the type of growth to make it an attractive growth story?"

Corning suggested that sales of its Gorilla Glass will reach $100 million in the fourth quarter of 2010 and $250 million for the full year.

The company also projected worldwide glass market demand to be flat or down slightly in the final three months of the year, with glass prices falling in the mid-single-digit range.

Corning has transformed itself into a high technology firm in recent years, having previously been best known for its Corelle tableware and Pyrex cookware.

Sources:



Corning Sees LCD Glass Prices Falling (02/11/10)



Corning bets on Gorilla Glass, shares rise (01/11/10) 

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