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>> Strong demand for global panel makers Corning promising LCD glass shipments 7th,Dec,2017
Global glass substrate leader Corning announced first quarter 2017 earnings, exceeding the industry's expectations, the company expects the second quarter of shipments of glass substrates, the quarter will increase by 5%, an increase of about 5%, we can see the second quarter Demand from glass panels from global panel makers such as AUO and Innolux remains strong.
Corning said the company showed a strong performance in its tech business unit in Q1 2017 with core revenue of $ 846 million and core surplus of $ 256 million. Production of LCD glass market and Corning increased by about 15% in 1Q16 as compared to the same period in 2016. The falling glass prices in Q1 of 2017 continued to slow down, marking the slowest decline in glass prices in the first quarter of the past six years.
Looking to Q2 2017, Corning states that the overall LCD glass market and Corning's output are expected to grow at less than 5% from the previous quarter, or about 5% if compared with the same period in 2016. Corning estimates LCD glass prices will fall much slower in the second quarter of 2017 than in the first quarter of 2017. Glass prices in 2017 are expected to decline by about 10%, or lower, for the full year 2017.
Tony Tripeny, Corning's senior vice president and CFO, said that we are very pleased to see the vitality of the technology business and we continue to expect glass production in FY17 will be in line with the overall LCD glass market with a growth rate of about 5%.
Tripeny said: "This year we have a very good start, and expected second-quarter revenue and earnings will grow over the same period last year in response to future opportunities, we are still confident to reach 2017 and strategy With the overall goal of a capital allocation architecture. "
Report Summary:
The first quarter of the excellent performance of Corning show continued positive momentum. GAAP EPS rose US $ 0.43 to US $ 0.07 compared with the first quarter of 2016; core EPS rose 39% to US $ 0.39; GAAP and core revenue grew 16% and 14% respectively, Reaching 2.38 billion U.S. dollars and 2.49 billion U.S. dollars
The outstanding performance of each business group includes: the growth of revenue of optical communications business group; Corning Gorilla Glass 5 continues to be rapidly adopted by the market; and the display technology group's glass price decline continued to slow down
STRATEGIC AND CAPITALIZATION STRATEGY Further development of the program: Since its launch in October 2015, the program has repay more than $ 6.5 billion to shareholders; advances in technology and commerce have demonstrated the value of key development portfolios
Revenue and core surpluses, which are up from the same period of last year, are expected to continue to grow in the second quarter.
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