More bad economic news

Dantheman62 · 01-27-2009, 05:02 PM

Corning cuts 3,500 jobs as 4Q profit slumps
Corning is cutting 3,500 jobs as 4Q profit slumps 65 percent to $249 million

ROCHESTER, N.Y. (AP) -- Corning Inc. said Tuesday it is cutting 3,500 jobs, or 13 percent of its payroll, as demand slumps for glass used in flat-screen televisions and computers.

The specialty glass and ceramics company, the world's largest maker of liquid-crystal-display glass, announced the cutbacks as its fourth-quarter profit plunged 65 percent to $249 million, or 16 cents a share, from $717 million, or 45 cents a share, a year earlier.

Excluding one-time items, its profit of 13 cents a share came in well below Wall Street's forecast of 20 cents a share.

Sales slumped 31 percent to $1.08 billion from $1.58 billion, below $1.16 billion in sales forecast by analysts polled by Thomson Reuters.

The company also cautioned that per-share profits before one-time items will likely be canceled out in the first quarter. Sales will fall below fourth-quarter levels as projected LCD glass volumes slump 20 percent to 25 percent, it said.

http://finance.yahoo.com/news/Cornin...-14166874.html

01-27-2009, 05:02 PM	#10
Dantheman62 Avalon Senior Member Join Date: Sep 2008 Location: So. Cal. U.S. Posts: 4,205	Re: More bad economic news Corning cuts 3,500 jobs as 4Q profit slumps Corning is cutting 3,500 jobs as 4Q profit slumps 65 percent to $249 million ROCHESTER, N.Y. (AP) -- Corning Inc. said Tuesday it is cutting 3,500 jobs, or 13 percent of its payroll, as demand slumps for glass used in flat-screen televisions and computers. The specialty glass and ceramics company, the world's largest maker of liquid-crystal-display glass, announced the cutbacks as its fourth-quarter profit plunged 65 percent to $249 million, or 16 cents a share, from $717 million, or 45 cents a share, a year earlier. Excluding one-time items, its profit of 13 cents a share came in well below Wall Street's forecast of 20 cents a share. Sales slumped 31 percent to $1.08 billion from $1.58 billion, below $1.16 billion in sales forecast by analysts polled by Thomson Reuters. The company also cautioned that per-share profits before one-time items will likely be canceled out in the first quarter. Sales will fall below fourth-quarter levels as projected LCD glass volumes slump 20 percent to 25 percent, it said. http://finance.yahoo.com/news/Cornin...-14166874.html