Corning Chairman and chief executive Wendell Weeks issued a highly positive outlook for the company, saying it has potential to grow to USD 10 billion in sales by 2014.
Corning reported that its firs…
Corning Chairman and chief executive Wendell Weeks issued a highly positive outlook for the company, saying it has potential to grow to USD 10 billion in sales by 2014. Corning reported that its first-quarter net income dropped less than expected while revenue was up 24% to USD 1.9 billion as demand for LCDs – used in smartphones, tablets and TVs – remains strong. The company reported USD 6.6 billion in sales for 2010. Corning shares recently decreased 1% at USD 20.88. The stock, while volatile, is at about the same level as a year ago. Corning has enjoyed growing profit in recent quarters because of rising demand for its LCD products. In the first part of April, the company said it plans to maintain production levels at two of its LCD glass facilities in Japan, even as Sharp Corp. – one of its main customers – is reducing its own LCD production output. Corning said it will use the extra supply of glass to build its inventory and sell to other companies. Weeks said Corning expects a significant part of its growth to come from China, which is the world“s largest market for several of the company“s major products. Corning also announced the retirement of James O“Connor from Corning“s board of directors, naming William Smithburg, retired chairman and chief executive of Quaker Oats, as lead director. Shareholders approved Corning“s executive compensation as disclosed in the 2011 proxy statement filed with the US Securities and Exchange Commission. A non-binding shareholder proposal, which requested that the board allow 10% of shareholders to call special meetings failed.