There have been a few times during Corning's (NYSE:GLW) history where it seemed like the company could not buy a break. No company had more share of the telecom-fueled fiber boom of the late 90's, but Corning had little to show for it when capex demands sucked away the cash. With the advent of LCD panels everywhere, it looked like Corning might be in a for a second act - a boom in demand coupled with a loud sucking sound from the cash flow statement. With the LCD revolution seemingly here to stay, though, and the emergence of Gorilla Glass, could Corning finally have a more stable configuration?
The Quarter Was What They Thought It Was
Corning delivered a third quarter performance that was inline with the company's earlier (negative) pre-announcement. Sales fell 6% on a sequential basis, though they were up 8% versus last year's level. This drop was led entirely by the company's display business (which is close to half of sales) - sales here fell 23% from the second quarter, while the other segments mostly showed decent growth.
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