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.
Revenue fell about 2 percent to $2.04 billion…
via UPDATE 1-Corning profit falls, says to cut jobs | Reuters.
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