http://www.reuters.com/article/2012/10/24/corning-results-idUSL3E8LO4QW20121024
Specialty glass maker Corning Inc
reported a lower quarterly profit as sales to consumer
electronics, telecommunication and automotive markets fell, and
said it plans to cut jobs and reduce costs.
Corning, which makes products as diverse as smartphone
screens to emission filters, said it expects a pretax charge of
up to $50 million in the fourth quarter on restructuring.
"The weakening economy is affecting sales in many of our
businesses, with several not achieving the growth expectations
we set for the year," Chief Financial Officer James Flaws said
in a statement. "These economic headwinds will persist next
year."
Net profit for the company, which supplies LCD to
manufacturers such as LG Display Co Ltd and Sony
Corp, fell to $521 million, or 35 cents per share, from
$811 million, or 51 cents per share, a year earlier.
I know it may seem like Doom and Gloom folks, well thats because IT IS! there is no recovery.
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