Corning Inc. posts 1st quarter results
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STEUBEN COUNTY, N.Y. -- Corning Incorporated says first quarter sales met company expectations. Sales for the quarter topped $1.9 billion which is up two percent from the fourth quarter and on par with the second quarter.
Company officials say the specialty materials segment, which makes Gorilla Glass, saw sales increase by 13 percent. With no comparable alternative, company officials say they expect sales to continue to grow at a rapid pace.
Tony Tripeny, Senior Vice President says "We continue to see a lot of strong demand for the in-products that Gorilla Glass goes into, whether those be the mobile devices like smart phones or tablet devices and that clearly occurred in the first quarter and we expect that strength to continue in the second quarter."
He adds price declines for LCD glass weighed on profits over the past couple quarters, but he expects prices to level off in the second quarter.