Tuesday, April 27, 2010

Corning's Telecom Sales Decline 10% to $364 Million

In its financial report for Q1 2010, Corning noted that telecommunications segment sales were $364 million, a sequential decline of 10% and in line with the company's previous expectations. Year-over-year sales declined 5% in the quarter. Despite the quarterly sales decline, the company saw improved profitability in this segment as it began realizing operational improvements from restructuring actions taken last year. Corning had a telecommunications restructuring charge in last year's fourth quarter.

Corning also said that it anticipates its second-quarter telecommunications segment sequential sales will increase by 10% to 15%. Optical fiber and cable sales are expected to show strength across North America and China throughout the quarter. Sales of hardware and equipment and private network products are also expected to remain strong.