Corning Inc. Quarterly Report
Corning Inc announced second quarter earnings today, and a company spokesman the economic turmoil in Europe is affecting Corning’s bottom line.
July 25, 2012
Corning (WENY) -Corning Inc announced second quarter earnings today, and a company spokesman the economic turmoil in Europe is affecting Corning's bottom line. Net Sales were slightly lower than the firs quarter, and saw a five percent dip from the same time last year. Net Income and earnings per share were flat from the previous quarter, but both come in close to 40 percent lower than second quarter 2011.Sales from Corning's largest business, Display technologies, once again declined in the last quarter. Spokesman for Corning Dan Collins says the third quarter presents challenges in both domestic and foreign markets.
“The difficulties in Europe are beginning to take effect on some of our businesses and there is uncertainty in Asia as well and the China markets, so the gross domestic product in China are beginning to slow. So markets on a whole around the world are being very cautious, consumers are being very cautious and its beginning to impact out business,” says Collins.
The Chinese government is starting a stimulus program to encourage consumer spending which could help television sales and Corning’s display technologies business.