Corning Shares Down 8% After Sales Forecasts
September 17 2019 - 10:27AM
Dow Jones News
By Michael Dabaie
Corning Inc. (GLW) shares were down 8%, to $27.62, in early
trading.
The company Monday said it now expects third-quarter optical
communications segment sales to decline on year by a low-teen
percentage, versus a prior expectation of a low-single digit
percentage decline. Several major carriers are further reducing
capital spending on cable deployments and fiber-to-the-home
projects and some enterprise customers have reduced their spending
below anticipated levels, Corning said.
For the full year, Corning lowered forecasts for
optical-communications segment sales to a decline of 3% to 5%,
versus its prior expectation of a low-to-mid-single digit
percentage increase. Corning said it expects both carrier and
enterprise network sales to decline year-over-year in the second
half of 2019.
Corning also lowered its display-technologies volume forecast to
a high-single digit percentage sequential decline in the third
quarter, saying several panel manufacturing customers have reduced
utilization below anticipated levels in the current quarter.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
September 17, 2019 10:12 ET (14:12 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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