Corning Shares Down 8% After Sales Forecasts

Date : 09/17/2019 @ 3:27PM
Source : Dow Jones News
Stock : Corning Inc (GLW)
Quote : 29.35  0.0 (0.00%) @ 9:00AM

Corning Shares Down 8% After Sales Forecasts

Corning (NYSE:GLW)
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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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