Corning - indirekt zu 25% an Hemlock beteiligt - 500 Beiträge pro Seite

[meinolf67]

...über Dow-Corning zu 50% die wiederum zu 50% an Hemlock halten.

Gebe zu, daß das recht indirekt ist, aber immerhin ist Hemlock der Marktführer für Poly-SI und wenn man über diesen Weg die eine oder andere Info rechtzeitig mitkriegt kann das interessant sein.


Und evtl. kommt der Wert sogar aufgrund eigenen Geschäfts für eine Anlage in Frage.

[meinolf67]

Corning: Looking Very Cheap
by: Steve Patterson posted on: September 05, 2008 | about stocks: GLW

Corning Inc (NYSE:GLW) continues to slide reaching a new 52 week low today after being downgraded by RBC Capital Corp and cutting their third quarter outlook yesterday. But the current price/earnings ratio is too low for a company with the earnings and revenue growth displayed.

Third Quarter Troubles

The company reduced their third quarter outlook citing weak LCD display demand although consumers continue to buy televisions containing their LCD glass. The company felt manufacturers are reducing inventory instead of making new television sets. The new company range for quarterly earnings is between 43 and 45 cents. Analysts have been expecting 50 cents a share from the specialty glass maker but reduced that number to 47 cents after the company’s announcement.

Looking Very Cheap

The stock fell 2% today after a Wednesday decline of 12%. At a current price/earnings (P/E) ratio of 4.8 investors are anticipating continued demand trouble as the current estimates are for very strong growth of 32.6% year over year. With 13.5% revenue growth for the year, the current stock price of $16.68 looks very cheap.

The Trade

You could wait for the stock to bottom out and make a move to the upside before buying a little for a longer term hold. If the earnings and revenue continue to be in the double-digit growth range and the P/E continues to be in the single-digit area, the stock will be a good buy.

Disclosure: No position

[stupidgame]

Antwort auf Beitrag Nr.: 35.004.264 von meinolf67 am 05.09.08 23:00:30

Hallo meinolf!

Grüss Dich mal wieder.
Ich verfolge Corning erst seit relativ kurzer Zeit. Auch nur über Umwege. Weil mich eigentlich ein anderer Wert aus der Display-Branche interessiert.
Ich denke, Corning`s Kursentwicklung selber hängt zum grossen Teil von der Konjunktur auf dem Sektor ab. Und dort gibt es noch keine Entwarnung. Es haben jetzt etliche gewarnt. Man muss die Zahlen fürs laufende Quartal anschauen und vor allen den Ausblick für Q4. Ich denke, frühestens zum Jahreswechsel geht hier wieder was. Weihnachtsgeschäft? Vielleicht versucht der Markt das zu zocken. Es dürfte aber eher nicht so toll ausfallen.
News über Besserung der Lage sollten, wie beim Chip-Sektor auch z.B., aus Asien kommen. Insbesondere aus Taiwan. Das sind die Trendsetter. Also z.B. LG Display.

Wer sich für den Sektor interessiert und auf dem laufenden bleiben will - langfristig wird der für die nächsten Jahre als Boombranche gesehen (Flachbildschirme / HDTV / Digitales Fernsehen), dem kann ich besonders 2 Links empfehlen.

http://www.displaybank.com/eng/common/

http://www.digitimes.com/310.asp

Bessere Infoquellen, mal abgesehen von den Firmennews, habe ich noch nicht gefunden.
Ach ja, mein Favorit ist übrigens Himax Technologies (NASDAQ: HIMX). Aber auch da gilt, aktuell noch vorsichtig sein.

Schönes WE
s.

[meinolf67]

nix Neues zu SI

[meinolf67]

Dow Corning, Hemlock To Invest Up To $3 Billion In Polysilicon Growth12-15-08 12:41 PM EST | E-mail Article | Print Article

NEW YORK -(Dow Jones)- Despite the recession, Dow Corning Corp. and Hemlock Semiconductor LLC plan to invest up to $3 billion in new polysilicon manufacturing in Michigan and Tennessee to serve customers in the solar industry.
Separately, Dow Corning will begin producing monosilane gas that is used to make thin-film solar panels and liquid crystal displays in a facility adjacent to the polysilicon factory in Hemlock, Mich.

(This story also appeared in Clean Technology Insight, a daily newsletter and information service published by Dow Jones & Co.)

The companies will invest $1.2 billion to add 10,000 metric tons of annual production to their polysilicon factory in Hemlock, which currently has 19,000 tons of capacity. They will also start building a new polysilicon factory in Clarksville, Tenn., which will have up to 13,000 tons in capacity for an investment of as much as $1 billion. That factory could be expanded to up to 21, 000 tons of annual production.

Construction on all projects will start immediately, the companies said.

"When the global markets are down, we view that as actually the time for the strongest companies to step forward," said Rick Doornbos, president and chief executive officer of Hemlock, in an interview.

The move is also significant as the solar industry is entering what many observers expect to be an oversupply of polysilicon, with many new Chinese manufacturers adding capacity even as demand for solar panels is suffering because of the economic downturn. Polysilicon, which has been scarce and registered very high prices, has lost about 40% of its price over the past month or so. Hemlock and Dow, however, are pursuing a wide expansion in polysilicon production.

"We believe that long term trends in the solar industry continue to be very attractive," said Doornbos.

The companies committed to make the $2.2 billion "initial investment" in the additional polysilicon production, Doornbos said. Further investment will depend on market conditions and could reach a total of $3 billion.

Hemlock is a privately held company, in which Dow Corning holds a 63% stake, with the remaining 24.5% in the hands of Shin-Etsu Handotai Co. and 12.25% belonging to Mitsubishi Materials Corp. (5711.TO). The companies declined to specify how much of the financing will come from Dow Corning, which itself is jointly owned by Dow Chemical Co. (DOW) and Corning Inc. (GLW). The companies are already in the middle of a $1 billion expansion in polysilicon production that was announced in May.

"Hemlock and its customers will be sharing the financing costs," said Gary Homan, vice president of sales and marketing for Hemlock, in an interview. He declined to go into detail, but it is common in the solar business for buyers of polysilicon to make prepayments, which the manufacturer uses toward production expansion. "Outside capital will be involved, but much of the costs will be shared. The majority will be handled this way," Homan said.

The additional capacity in Michigan will come online by the end of 2010 or in early 2011, Doornbos said. It will require 800 workers for construction and about 300 to run the plant permanently. The Tennessee plant, although it will be started concurrently, will take longer to develop, as it is on a green site. Production there will be ready in early 2012, according to Doornbos. The companies expect that 1,000 construction workers will build the plant, which will later employ up to 800.

The company is projecting that by helping its customers to procure polysilicon in bulk and at cheaper prices, the industry will be able to move to a point where solar energy costs as much as fossil-fueled power, what the industry refers to as "grid parity." At that point the market demand could explode once again and manufacturing take off. Hemlock executives said that the expansion plans are driven by customer demand and interest in placing additional orders.

"We are confident that over the next several years major solar manufacturers will in fact have reached parity relative to fossil-based power. We are preparing for what we believe is a very rapidly expanding solar industry once grid parity is achieved," said Homan. He added that his assessment comes from having seen the cost projections of Hemlock's main customers.

The Tennessee location for the new plant reflects the companies' view that solar manufacturing in the U.S. will take off.

"With the current environment in the U.S., with the green movement that's underway, there will be a significant increase in sales [for Hemlock] into the U.S. market," Homan said. "And not only Hemlock. Our major customers that are based overseas are evaluating moving to manufacture in the U.S." Today Hemlock's primary markets are in Europe and Asia. The company declined to break out how much it ships where.

The companies evaluated more than a dozen sites globally for two years, according to the executives. "We ended up choosing the location in Tennessee for a variety of reasons," said Doornbos, "including access to very attractive energy costs, the overall business climate, access to a quality labor pool and financial incentives that were offered" by the local government. Electricity costs are especially important for the companies as polysilicon production consumes a lot of power.

Equipment for Hemlock is made by outside manufacturers to its own specifications. Doornbos declined to say who will provide the additional reactors and other machines necessary for the expansion.

Dow Corning's move into silane production comes as the thin-film industry is growing rapidly. Currently Oslo-based Renewable Energy Corp. is the main producer of silane gas. That company noted recently that demand has driven prices of silane up. "This is new for Dow Corning, as we don't currently provide those materials on the merchant market," said Jarrod Erpelding, Dow Corning spokesman, in an e-mail.

Dow Corning provides many other materials to the solar market, including metallurgical-grade silicon, coatings and encapsulants for solar cells, and sealants for solar module frames.

-By Yuliya Chernova, Dow Jones Newsletters; [e-mail]

[meinolf67]

27.01.2009 13:13
Corning Announces Fourth-Quarter Results

Plans restructuring actions in first quarter 2009

Corning Incorporated (NYSE:GLW) today announced results for the fourth quarter and full year 2008, along with the company’s planned restructuring actions.

Fourth-Quarter Highlights

* Sales were $1.1 billion, down about 30% both sequentially and year over year.
* Earnings per share were $0.16. Excluding special items, earnings per share were $0.13*, down about 70% both sequentially and year over year.
* Display Technologies’ combined LCD glass volume, including Corning’s wholly owned business and Samsung Corning Precision Glass Co., Ltd. (SCP), was down 35% sequentially and 28% year over year. Volume in the company’s wholly owned business was down about 50% sequentially and year over year, while volume at SCP was down 26% sequentially and only 4% year over year.
* Gross margin was 28%, reflecting lower volumes in all segments and the cost of capacity reductions.
* At the end of the fourth quarter the company had $2.8 billion in cash and short-term investments, $1.2 billion greater than debt.

Full-Year Highlights

* Sales were $5.9 billion, up 1.5% from 2007.
* Earnings per share were $3.32. Excluding special items, earnings per share were $1.53*, up 9% versus 2007.
* Display Technologies’ combined LCD glass volume was up 14%, including volume increases of 1% in the wholly owned business and 28% at SCP. Price declines were approximately 8% in both the wholly owned business and at SCP.

Quarter Four Financial Comparisons
Q4 2008 Q3 2008 % Change Q4 2007 % Change
Net Sales in millions $1,084 $1,555 (30%) $1,582 (31%)
Net Income in millions $249 $768 (68%) $717 (65%)
Non-GAAP Net Income

in millions*
$208 $732 (72%) $643 (68%)
GAAP EPS $0.16 $0.49 (67%) $0.45 (64%)
Non-GAAP EPS* $0.13 $0.46 (72%) $0.40 (68%)

*These are non-GAAP financial measures. The reconciliation between GAAP and non-GAAP measures is provided in the tables following this news release, as well as on the company’s investor relations website.

Restructuring Plans

* Planned corporate-wide restructuring actions will result in first-quarter charges in the range of $115 million to $165 million pretax, in addition to the fourth-quarter restructuring charges of $22 million. About 90% of the charge is for cash termination benefits, most of which will be paid in 2009. Certain of Corning’s equity companies are also evaluating restructuring actions in the first quarter.
* In total, Corning plans to reduce its workforce by about 3,500 employees, or 13%, before the end of the year. About 1,500 of the reductions are salaried employees. The company is also in the process of reducing more than 1,400 temporary workers.
* The restructuring program will include a selective early retirement program, global workforce reductions and consolidation of manufacturing facilities. The company also suspended merit increases for its salaried employees.
* Annualized savings of $150 million to $200 million are expected as a result of the restructuring actions.

”We experienced a significant momentum shift in many of our core businesses in the fourth quarter as the recession took hold,” Wendell P. Weeks, chairman and chief executive officer, said. ”As a result, we are adjusting our operations to reflect anticipated lower sales in 2009. We are also moving aggressively to reduce operating expenses and capital spending to continue to meet our goals of positive free cash flow and a healthy balance sheet.”

Fourth-Quarter Segment Results

Sales in the Display Technologies segment were $390 million, down 44% sequentially and 50% year over year. This significant decline resulted primarily from the supply chain’s inventory reduction and lower retail sales of LCD products. Sequential price declines were slightly higher than the previous quarter. Positive foreign exchange rate movements partially offset the volume declines.

Telecommunications segment sales were $405 million, down 18% sequentially and 6% compared to the fourth quarter of 2007.

Environmental Technologies segment sales were $128 million, down 28% sequentially and 32% year over year. Fourth-quarter sales of automotive products declined sharply reflecting the global decline in the automotive industry. Heavy-duty diesel sales remained weak.

Corning’s equity earnings from Dow Corning Corporation (News) were $86 million, down sequentially as the recession began to impact the demand for silicone products, but up slightly year over year.

Looking Forward

James B. Flaws, vice chairman and chief financial officer, said, ”We anticipate a slow start to 2009 with first-quarter combined display volume down 20% to 25% as the supply chain continues to reduce inventory during the seasonally weaker retail sales quarter. As we announced last December, we will also have high-single-digit price declines in the first quarter. As a result, sales, gross margin and net income will be sequentially lower. We expect earnings per share*, before special items, to be about break-even in the first quarter.”

”On the other hand, recent news about the display supply chain and end market is encouraging. Retail sales of LCD TV were stronger in December than we anticipated and this trend is continuing into early January. We estimate that the display supply chain has reduced total inventory levels to be close to year-end 2007 levels. This reduction, while painful for us in the fourth quarter, moves us closer to the day that glass demand rebounds. We are currently anticipating a significant increase in glass demand in the second quarter.

”During these tough times, our three priorities are preserving cash, restructuring the company to be profitable at a lower sales level, and accelerating new products while maintaining our focus on long-term growth opportunities,” he said.

The company is concentrating on its short-term growth opportunities by investing in Gen 10 LCD manufacturing, extending its bend-insensitive ClearCurve® optical fiber products into new markets, introducing next-generation advanced diesel engine substrates and filters, expanding applications for its Gorilla™ glass and pursuing new initiatives in thin-film photovoltaics.

As previously announced, the company has reduced its 2009 capital spending to $1.1 billion, of which about $525 million relates to construction completed in 2008. ”We have a goal of being free cash flow positive for the year, but expect our first-half free cash flow to be negative,” he said.

Flaws said that Corning is sizing the company’s cost structure for about $5 billion of sales in 2009. ”This level is above our first-quarter run rate and reflects our belief that the display supply chain contraction will end in the second quarter. If we do not see this improvement, we will consider further consolidation of manufacturing facilities and additional workforce reductions.”

Flaws concluded by noting that, ”despite the current impact of the global recession, we remain well positioned in our core businesses for the long term. This recession will end. The exact timing is difficult to predict but we know that the world is not going backwards. Optical fiber solutions will continue to replace older copper lines and LCD televisions are making CRT models obsolete. And stronger environmental regulations will soon be taking effect. Demand for our products will increase as the economy improves.”

Corning will provide more information on its 2009 outlook at its annual investor relations meeting in New York on Friday, Feb. 6 at 9 a.m. ET at the Times Center. Attendees can register online at the company’s investor relations web site. The company also will be presenting at the Thomas Weisel Telecom and Technology Conference on Feb. 10 in San Francisco.

Fourth-Quarter Conference Call Information

The company will host a fourth-quarter conference call on Tuesday, Jan. 27 at 8:30 a.m. ET. To access the call, dial [phone] or international access call [phone] approximately 10-15 minutes prior to the start of the call. The password is ‘Corning Incorporated Quarter Four Results’. The host is ‘SOFIO’. To listen to a live audio webcast of the call, go to Corning’s website at www.corning.com/investor_relations and follow the instructions. A replay will be available beginning at 10:30 a.m. ET and will run through 5:00 p.m. ET, Tuesday, Feb. 10, 2009. To listen, dial [phone] or international access call [phone]. The access code is 981250. The webcast will be archived for one year following the call.

Presentation of Information in this News Release

Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP. Corning’s non-GAAP net income and EPS measures exclude restructuring, impairment and other charges and adjustments to prior estimates for such charges. Additionally, the company’s non-GAAP measures exclude adjustments to asbestos settlement reserves, gains and losses arising from debt retirements, charges or credits arising from adjustments to the valuation allowance against deferred tax assets, equity method charges resulting from impairments of equity method investments or restructuring, impairment or other charges taken by equity method companies and gains from discontinued operations. The company believes presenting non-GAAP net income and EPS measures is helpful to analyze financial performance without the impact of unusual items that may obscure trends in the company’s underlying performance. These non-GAAP measures are reconciled on the company’s Web site at www.corning.com/investor_relations and accompany this news release.

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Hemlock Semiconductor polysilicon unit not affected by Dow Corning layoffs
25 February 2009 | By Tom Cheyney | News > Materials

Dow Corning majority-owned subsidary Hemlock Semiconductor will not be affected by the parent company's plans to cut 800 jobs, or 8% of its 10,000-strong worldwide workforce. The company offered no further details on the specific regional impacts of the layoffs, other than to say that reductions will occur at all of Dow Corning's global sites.

''While significant and serious, we have been able to keep the reduction of our workforce to these levels by reducing other costs across the company,'' said Stephanie Burns, chairwoman/president/CEO of Dow Corning, a joint venture between Dow Chemical and Corning.

Dow Corning is investing more than $2 billion in Hemlock, the industry leading solar and IC polysilicon manufacturer. The main plant in Saginaw County, Michigan, in undergoing a $1 billion expansion, while another $1.2 billion is being spent on the construction of a new poly factory in Clarksville, TN.

Once operational, the new production lines will push Hemlock's total poly capacity over 14,000 metric tons in 2009 and to more than 19,000 metric tons in 2010.

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Dow Corning to invest $40M in silicon equipment

Posted by Debasish Choudhury on 06 March 2009 at 10:33


US-based silicone manufacturer Dow Corning plans to invest $30-40 million to build two metallurgical-grade silicon manufacturing equipment systems in Sichuan province, reports In-en.com quoting a provincial government source.

Dow Corning has chosen a preliminary location for the systems, which are expected to manufacture 25,000 tons of metallurgical-grade silicon each, said the report.

Last update: 06 March 2009 at 10:33

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Hemlock Semi ramps new poly-Si capacity
PR Newswire (27. Mai 2009)

HEMLOCK, Mich., May 27, 2009 /PRNewswire-FirstCall via COMTEX/ -- The Hemlock Semiconductor Group, which includes two Dow Corning joint ventures, has commenced operation of a new 8,500 metric tons polycrystalline silicon (polysilicon) production facility at its Hemlock, Mich. location.

(Photo: http://www.newscom.com/cgi-bin/prnh/20090527/DE22631 )

This new capacity, which has been brought online several months ahead of schedule, represents the completion of the first phase of the $1 billion expansion the Michigan site announced in May of 2007. The second phase of this capacity expansion will begin to come online in 2010 and, together with the first phase, will increase the total annual capacity to approximately 36,000 metric tons.

"The new capacity from our latest expansion is a critical milestone to ensure our customers' confidence that they will have the silicon feedstock needed for the semiconductor and fast-growing solar energy industries," said Hemlock Semiconductor Group President and CEO Rick Doornbos. "It takes a tremendous team effort to be able to deliver an expansion of this magnitude ahead of schedule, and we're very proud of our team for making it happen."

In the last five years, Hemlock Semiconductor has announced investments totaling more than $4 billion. These investments will expand Hemlock Semiconductor's capacity by nearly 10 times while creating more than 1,500 new jobs. These jobs are in addition to the 1,000-1,800 construction contractors on site every day.

"Despite the economic recession, the long-term outlook for the solar market remains strong," said Doornbos. "Our demonstrated capabilities to deliver recent capacity expansions on or ahead of schedule and our more than 40 years of technical and manufacturing experience puts Hemlock Semiconductor in a strong position to help our customers succeed in an industry that continues to show promise and growth."

"This latest achievement is the result of outstanding planning and execution by our team with a strong focus on safety from start to finish," said Jim Cross, site manager of Hemlock Semiconductor's Michigan site.

Later this year, Hemlock Semiconductor Group will also begin construction of a new polysilicon manufacturing facility in Clarksville, Tennessee, which is scheduled to be operational in 2012. Excavation has already begun at the site.

In solar applications, polycrystalline silicon is the cornerstone material used to produce solar cells that harvest renewable energy from light rays. In addition to serving the solar energy market, polysilicon is also used in the production of semiconductor devices used in computers, cell phones and other electronic applications.

Dow Corning Corporation (www.dowcorning.com) provides performance-enhancing solutions to serve the diverse needs of more than 25,000 customers worldwide. A global leader in silicon-based technology and innovation, offering more than 7,000 products and services, Dow Corning is equally owned by The Dow Chemical Company (NYSE: DOW) and Corning, Incorporated (NYSE: GLW). More than half of Dow Corning's annual sales are outside the United States.

The Hemlock Semiconductor Group (www.hscpoly.com) is comprised of two joint ventures: Hemlock Semiconductor Corporation and Hemlock Semiconductor, L.L.C. The companies are joint ventures of Dow Corning Corporation, Shin-Etsu Handotai and Mitsubishi Materials Corporation. Hemlock Semiconductor is a leading provider of polycrystalline silicon and other silicon-based products used in the manufacturing of semiconductor devices and solar cells and modules. Hemlock Semiconductor began its Michigan operations in 1961 and broke ground at its Tennessee location in 2009.

SOURCE Dow Corning Corporation

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Hemlock Brings New Polysilicon Capacity Online

Hemlock MI (SPX) May 29, 2009
The Hemlock Semiconductor Group, which includes two Dow Corning joint ventures, has commenced operation of a new 8,500 metric tons polycrystalline silicon (polysilicon) production facility at its Hemlock, Mich. location.

This new capacity, which has been brought online several months ahead of schedule, represents the completion of the first phase of the $1 billion expansion the Michigan site announced in May of 2007.

The second phase of this capacity expansion will begin to come online in 2010 and, together with the first phase, will increase the total annual capacity to approximately 36,000 metric tons.

"The new capacity from our latest expansion is a critical milestone to ensure our customers' confidence that they will have the silicon feedstock needed for the semiconductor and fast-growing solar energy industries," said Hemlock Semiconductor Group President and CEO Rick Doornbos.

"It takes a tremendous team effort to be able to deliver an expansion of this magnitude ahead of schedule, and we're very proud of our team for making it happen."

In the last five years, Hemlock Semiconductor has announced investments totaling more than $4 billion. These investments will expand Hemlock Semiconductor's capacity by nearly 10 times while creating more than 1,500 new jobs. These jobs are in addition to the 1,000-1,800 construction contractors on site every day.

"Despite the economic recession, the long-term outlook for the solar market remains strong," said Doornbos.

"Our demonstrated capabilities to deliver recent capacity expansions on or ahead of schedule and our more than 40 years of technical and manufacturing experience puts Hemlock Semiconductor in a strong position to help our customers succeed in an industry that continues to show promise and growth."

"This latest achievement is the result of outstanding planning and execution by our team with a strong focus on safety from start to finish," said Jim Cross, site manager of Hemlock Semiconductor's Michigan site.

Later this year, Hemlock Semiconductor Group will also begin construction of a new polysilicon manufacturing facility in Clarksville, Tennessee, which is scheduled to be operational in 2012. Excavation has already begun at the site.

In solar applications, polycrystalline silicon is the cornerstone material used to produce solar cells that harvest renewable energy from light rays. In addition to serving the solar energy market, polysilicon is also used in the production of semiconductor devices used in computers, cell phones and other electronic applications.

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Dow Corning Pushes To Make America 21st Century Solar Power

Dow Corning's silicon-based materials are used in solar cell manufacturing, solar module assembly and installation. In the past five years, Dow Corning and its joint ventures at the Hemlock Semiconductor Group have announced investments of more than $5 billion to research and develop as well as to expand production of materials critical to the solar industry.
by Staff Writers
Washington DC (SPX) Jun 26, 2009
Representatives of Dow Corning and representatives of America's top solar energy companies visited Washington D.C. to call for new federal policies to encourage the growth of a domestic solar energy industry that will promote economic growth, create jobs, and help meet greenhouse gas emissions goals.

"Solar energy is a clean, efficient and readily available technology that with the right support could help transform America's energy, environmental and economic future. To make America a 21st century solar power, we need smart and effective government policies from Congress that will help the private sector grow, thrive and create thousands of new jobs," said Dow Corning Chairman, President and CEO Stephanie A. Burns.

During the visit, Dow Corning and representatives from several of its leading solar technology customers met with key members of Congress and the Administration. They delivered to policy makers a Four Point Policy Plan that outlines the steps needed to encourage the adoption of solar energy technologies and support a new renewable energy manufacturing sector in America. The plan calls on Congress and the Obama Administration to:

+ Enact a broad federal legislative and regulatory package, designed to encourage the rapid growth of a viable renewable energy industry and encourage consumer adoption.

+ Increase investments in research and development to support innovation in solar energy technologies.

+ Increase renewable energy-related education, training and job creation.

+ Establish the federal government as a leader in the utilization of clean energy technologies.

Dow Corning was joined by nine of its customers representing the solar energy value chain: Abengoa Solar, BP Solar, Kyocera, National Semiconductor Corporation, Sanyo, SCHOTT Solar, Solar Power Industries, SolarWorld, Suniva, Inc.

Dow Corning's silicon-based materials are used in solar cell manufacturing, solar module assembly and installation. In the past five years, Dow Corning and its joint ventures at the Hemlock Semiconductor Group have announced investments of more than $5 billion to research and develop as well as to expand production of materials critical to the solar industry.

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ntersolar North America postscripts: Will there be enough polysilicon in 2012?
19 July 2009 | By Tom Cheyney | Chip Shots

As the solar PV industry rushes headlong into the gigawatt era, the hunger for large quantities of polysilicon will need to be sated to keep the engine humming—even with thin-film PV taking a bigger bite of market share. Although the supply shortage has abated, few observers seem to have a firm grip on just how much poly will be in the pipeline and how much will be needed to meet the cell and module demand in the coming years. A presentation at the just-concluded Intersolar North America show in San Francisco brought some clarity to the poly supply discussion.

Hemlock Semiconductor VP Gary Homan reviewed how his employer has been adding capacity at a fast clip and will continue to do so for the next five years. With $4 billion in announced expansions, the poly-pack-leading firm projects reaching manufacturing capacities of 36,000 metric tons in 2010 and 63,000 metric tons by 2014 at its plants in Michigan and Tennessee—up from its current capacity of just under 30,000MT.

In terms of what’s been announced within the poly sector, that 63,000MT would place Hemlock far ahead of the number two company in the space, Wacker, which has about 35,000MT projected capacity on the board.

But unlike some other presentations that day, Homan’s talk was not just an infomercial. He provided some analyses and observations of the overall market that bear repeating.

Acknowledging the easing of the silicon shortage and an overall improvement in the sector, he wondered about how the effect of price erosion will drive demand and how future costs may affect the expansion plans of some poly manufacturers. He believes that all of the extra capacity coming online—essentially a 100% pop over the past year, enough to support 10GW of solar production—is contributing to driving silicon costs closer to grid parity levels.

Homan made no secret of his skepticism about some of the announcements made by upstart poly players, especially certain Chinese firms who he discounted as being little more than “smoke and mirrors.” He questioned many of the new entrants’ “sustainability,” wondering about their ability to attract more venture or public financing, and whether they have what it takes to reduce their costs to meet the challenging criteria of the grid parity model (which some established poly companies have already done).

hemlock_semi_rodsNoting how efficiency in the poly world consists of a combination of quality and consistency, he said that “cost of ownership demands high efficiency per gram of silicon,” and that “lower-priced virgin poly will offer the best cost of ownership” based on a lower price coming from a lower cost structure. “Hyperpurity levels equal a higher photon efficiency,” Homan noted, and consistent, predicable quality results in higher yields.

He used two data sets for his global polysilicon forecasts, both based on a combination of public information and Hemlock’s own number crunching. One set incorporated all the announcements made in the space from both established and new players. The other, adjusted for grid parity costs, provided a more conservative outlook for the sector. (See chart below)

The all-in version forecasts about a 4.4x increase in the market between 2008 and 2014, from 61,000 to 269,000MT. The more measured projection shows the growth in the 3.3x range, from 64,000 to 209,000MT. The gap between the two data sets’ forecasts increases year after year, growing from a difference of 8,000MT for 2009 to a 25,000MT discrepancy in 2010and reaches 60,000MT in 2014 between the all-in and grid parity-adjusted versions.

If the cell and module demand for poly grows at about 33% per year, what Homan called a moderate pace, his grid parity-adjusted forecast shows the silicon sector able to meet demand up to at least 2014. Just the announced planned capacity of the established poly players alone would be sufficient to meet demand, according to the Hemlock exec.

But if growth takes off at a per-annum rate closer to 50%, another poly shortage could occur by 2012-2013, as Homan's more conservative data showed. The combination of the capacity to be added by both the veteran companies and the newbies would be insufficient to meet the growth potential of an end-market possibly needing enough silicon to build at least 26-28GWp of crystalline-based modules, according to Homan’s analyses.

Although he made no direct mention of the impact of silicon-reducing technological improvements such as the development and deployment of more efficient poly reactors and ultrathin, kerf-free wafering techniques, his poly-per-module data trended toward slightly better usage over the five-year span.

The more growth-aggressive of Homan’s scenarios suggests that silicon—and the availability or scarcity thereof—could again emerge as a game-changer in a few years. But if poly producers young and old successfully maintain a high quality level and drive their costs down to less than 10% of the total bill of module materials, the type of poly spot-price inflation seen in the mid-2000s may not rear its head again, and the sandy stuff will play its part on the crystalline side of the grid-parity achievement game.

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27.07.2009 13:10
Corning Announces Second-Quarter Results

Company experiences substantial LCD volume growth

Q3 glass demand expected to remain strong

Corning Incorporated (NYSE:GLW) today announced its results for the second quarter of 2009, as well as its expectations for the third quarter.

Second-Quarter Highlights

* Sales were $1.4 billion, up 41% sequentially.
* Earnings per share were $0.39. Excluding special items, EPS was $0.39,* an increase of 290% sequentially.
* Display Technologies combined glass volume, including Corning’s wholly owned business and Samsung Corning Precision Glass Co., Ltd. (SCP), increased 66% sequentially. Volume in the company’s wholly owned business improved by 101% sequentially, while SCP’s volume increased by 50%.
* Gross margin was 41%, an increase over first-quarter gross margin of 27%.
* Equity earnings increased 85% over the previous quarter.

Quarter Two Financial Comparisons
Q2 2009 Q1 2009 % Change Q2 2008 % Change
Net Sales in millions $1,395 $989 41% $1,692 (18%)
Net Income in millions $611 $14 4264% $3,211 (81%)
Non-GAAP Net Income

in millions*
$614 $150 309% $782 (21%)
GAAP EPS $0.39 $0.01 3800% $2.01 (81%)
Non-GAAP EPS* $0.39 $0.10 290% $0.49 (20%)

*These are non-GAAP financial measures. The reconciliation between GAAP and non-GAAP measures is provided in the tables following this news release, as well as on the company’s investor relations Web site.

”Global LCD television retail sales continue to be resilient during these challenging economic times,” said Wendell P. Weeks, chairman and chief executive officer. ”This gave confidence to the LCD supply chain to rebuild inventory during the second quarter.”

Weeks noted that Corning initially met the increased second-quarter demand by working off its inventory supply, ”but as demand continued to rise, we restarted some idled glass melting capacity to help meet the industry’s increased appetite. We saw glass volume increase by 101% at our wholly owned business and by 50% at Samsung Corning Precision quarter-over-quarter,” he said. ”Additionally, we saw growth in our other businesses and improvement in equity earnings from Dow Corning Corporation in the second quarter.”

Second-Quarter Segment Results

Sales in the Display Technologies segment were $673 million, an 89% increase sequentially. As expected, price declines in the second quarter were modest. Display sales were negatively impacted by foreign exchange rate movements this quarter.

Telecommunications segment sales were $437 million, an increase of 14% over the previous quarter. Corning again experienced strong demand for optical fiber and cable in China. In North America, the company saw increased demand for its fiber-to-the-home products.

Environmental Technologies segment sales were $132 million, an increase of 20%, driven primarily by improved automotive product sales in Germany, China, and the U.S. The company said that U.S. automotive product demand was likely driven by a necessary replenishment of the supply chain during the quarter, rather than an increase in auto production. Government incentive programs contributed to the sales increases in Germany and China in the second quarter.

Specialty Materials segment sales were $71 million, up $11 million over the first quarter, due primarily to continued adoption of Gorilla™ glass by notebook and portable electronic device makers.

Corning’s equity earnings were $361 million, a considerable increase over first-quarter equity earnings of $195 million. Equity earnings from Dow Corning Corporation were $58 million versus $5 million in the first quarter, which included $29 million for Corning’s share of a restructuring charge at Dow Corning. Equity earnings from Samsung Corning Precision were $294 million in the second quarter, compared to $187 million in the first quarter. Volume increased 50% over the previous quarter and sequential glass price declines were minor.

Looking Forward

”The resurgent demand for LCD glass is propelling us to restore much of our previously idled production capacity as quickly as possible to meet our customers’ needs,” said James B. Flaws, vice chairman and chief financial officer. ”Approximately 40% of our second-quarter shipments came from existing inventory. We need to- and have- restarted tanks to replace this inventory drawdown to meet third-quarter demand. We believe our third-quarter glass shipments will be flat to up slightly, compared to the very strong second-quarter level.” Flaws reiterated that Corning expects third-quarter glass substrate prices to be even with those of the second quarter.

Flaws said that supply chain inventories at the end of the second quarter have been rebuilt to levels similar to the end of 2008, as the industry prepares for a seasonally stronger second half of the year. ”We estimate that current inventory supplies are 16% less than the second quarter last year, compared to retail demand that has been running approximately 15% ahead of a year ago. Retail demand is forecasted to continue growing at double-digit rates in the back half of this year. This comparison gives us some comfort about the outlook for the remainder of the year. However, the pace of economic recovery remains uncertain and we are being cautious about the amount of capacity we are restarting for the fourth quarter and for early 2010. As we receive more clarity from our customers on their fourth-quarter outlook, we will make decisions on our fourth-quarter capacity levels.”

”We have increased our forecast for LCD glass market volume in 2009 due to the vitality of LCD TV sales in the first half of the year. We now estimate that total yearly volume will be around 2.3 billion square feet, or about 15% growth over last year,” he said. Corning originally expected annual glass volume to be 2 billion square feet and early last quarter revised it upward to a range of 2.1 billion to 2.2 billion square feet.

The company expects to see continued improvement in equity earnings from Dow Corning, noting that silicone orders have been improving month by month, and volumes at Hemlock Semiconductor, Dow Corning’s consolidated subsidiary corporation, should remain strong.

”As we enter the second half of the year, we are seeing signs that the impact of the global recession on our businesses may be moderating. That said, questions pertaining to the pace of economic recovery remain. While we do not currently believe another corporate-wide downsizing will be necessary, we are looking at specific business unit restructuring needs,” Flaws said. ”We don’t expect the global auto industry and U.S. truck market to rebound quickly. As a result, we are evaluating further cost reductions in our Environmental Technologies segment later this quarter, which may result in restructuring charges in the back half of the year.”

”We are also working to align the level of the company’s research, development, and engineering spending with our future revenue estimates in what may be a relatively slow economic recovery. As a result, restructuring charges in this area are also possible in the fourth quarter,” Flaws noted.

Flaws added that the company expects its 2009 tax rate to be between zero and 3%. ”Looking ahead to 2010, we feel that our tax rate could be around 10%. However, given unknowns in the rate of economic recovery and uncertainty regarding potential changes to the U.S. tax code, our 2010 rate could be significantly different,” he said.

The company said 2009 capital expenditures are forecasted to be approximately $1.1 billion. In 2010, capital expenditures are expected to be around $600 million.

Flaws concluded, ”LCD TVs have become the product of choice for consumers and the speed at which they are replacing CRT models is accelerating. This technology substitution is expected to fuel the LCD glass market for several years to come. Telecommunications carriers worldwide continue to invest in broadband network expansions, and we are seeing rapid acceptance of our Gorilla™ glass as a cover glass for many handheld and computer applications. These are promising signs that our businesses are poised for future growth.”

Second-Quarter Conference Call Information

The company will host a second-quarter conference call on Monday, July 27 at 8:30 a.m. ET. To access the call, dial [phone] or international access call [phone] approximately 10-15 minutes prior to the start of the call. The password is ‘QUARTER TWO’. The host is ‘SOFIO’. To listen to a live audio webcast of the call, go to Corning’s Web site at www.corning.com/investor_relations and click Investor Events on the left. A replay will be available beginning at 10:30 a.m. ET and will run through 5:00 p.m. ET, Monday, Aug. 10, 2009. To listen, dial [phone] or international access call [phone]. The access code is 106323. The webcast will be archived for one year following the call.

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Dow Corning to build PV monosilane gas manufacturing plant in Michigan
14 September 2009 | By Tom Cheyney | News > Fab and Facilities


Dow Corning has started construction of a high-purity monosilane gas manufacturing plant in Thomas Township, MI. The factory, located adjacent to Hemlock Semiconductor's polysilicon production facility, is expected to be completed in 2011.

Monosilane is a key specialty material used in the production of certain thin-film photovoltaic devices as well as liquid crystal displays. The company says the new facility represents an investment of hundreds of millions of dollars and will initially employ about 30 workers.

"This significant investment to become a leading supplier of monosilane for thin-film solar technology will expand our feedstock offering and will further reinforce Dow Corning's position as a material supplier across multiple solar technologies," said Eric Peeters, global executive director, Dow Corning Solar Solutions.

Dow Corning also unveiled an installation of 136 PV panels at the Solar Discovery Center at its corporate headquarters in Midland, MI.

In addition to providing 30KW-hours of clean energy to the electrical grid, the installation serves as a testing ground for the company's silicone encapsulation solution. Half of the solar panels in the installation are encapsulated with its advanced silicone encapsulation solution to compare and test in real-life conditions, with the other half encapsulated using standard technology.

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http://www.pv-tech.org/news/_a/hemlock_reveals_scale_of_new_…


Hemlock reveals scale of new polysilicon plant
13 November 2009 | By Mark Osborne | News > Fab and Facilities


With the start of actual construction of Hemlock Semiconductor’s new polysilicon plant, located in Clarksville, Tennessee, USA, the largest polysilicon producer in the world has revealed both the initial production capacity of the plant as well as its future capacity capability. Initial cost of the plant was said to be US$1.2 billion and will employ approximately 500 workers when ramped. Hemlock has announced investments totalling more than US$4 billion for expanding polysilicon production over the last few years in a drive that is expected to keep the company in its leadership position.

Hemlock had announced plans for the Clarksville plant earlier this year, yet had not disclosed the planned capacity targets. Perhaps this was due to the rapidly declining spot market (though Hemlock sells under long-term contracts) as significant capacity from both traditional polysilicon producers and a wave of new entrants brought capacity online.

However, the new plant will have an initial capacity of ‘greater’ than 10,000MT and the potential to be expanded to 21,000MT. The project is expected to take at least 2 years to build before coming on stream sometime in 2012.

Already this year, Hemlock has begun to ramp another new plant extension (8,500MT) at its major production site in Hemlock, MI, taking capacity to approximately 19,000MT in 2009, up from over 12,000MT in 2008, according to PV-Tech’s own data. By the end of 2011, Hemlock would have expanded capacity to over 25,000MT from existing ramp plans.

The new site in Clarksville will take capacity to 46,000MT in 2013 and after the second phase expansion to 57,000MT in the future. This figure does not include any further expansions at existing plants that may be possible and brought online before the next expansion phase in Clarksville.

According to the latest figures from Photon Consulting (Solar Annual 2009), total global polysilicon supply is expected to reach 95,000MT in 2009 and grow rapidly through 2012, reaching 427,000MT before declining due to PV installation saturation in the key market of Germany and significant overcapacity, forcing significant price erosion across the supply chain.

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Corning erwägt LCD-Glasfabrik in China

Corning, amerikanischer Weltmarktführer für LCD-Glassubstrate, erwägt, in China einen Schmelzofen zu errichten, sobald Taiwan das Investitionsverbot für die einheimische Panel-Industrie aufhebt. Das sagte laut "Digitimes" Alan Eusden, Präsident von Corning Display Technologies Taiwan Anfang 2010.

Einen Schmelzofen zu errichten, gehe laut Eusden schneller als der Bau einer LCD-Panel-Fabrik.

Was mögliche neue Glasengpässe angeht, werde Corning alles daran setzen, die Nachfrage zu befriedigen, so Eusden.

Der Hersteller rechnet für 2010 mit einem weltweiten Glassubstrat-Bedarf von 2,7 bis 2,8 Milliarden Quadratmeter. 2009 waren es 2,4 Milliarden Quadratmeter. Das entsprach der Gesamtfläche von 290.090 bis 375.000 Fußballfeldern mit 6.400 bis 8.250 qm.

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Dow Corning lawyers ask federal judge to stop Easton, Penn., company from replicating process for purifying solar-grade silicon
By LaNia Coleman | The Bay City Times
March 28, 2010, 7:11PM

Dow Corning Corporation has asked a federal court to stop an Easton, Penn.-based company from duplicating a process for making solar-grade silicon.

Dow Corning alleges RSI Silicon Products LLC and RSI Silicon, Inc., misappropriated Dow Corning trade secrets.

David Debold — an attorney with Washington, D.C.-based Gibson, Dunn and Crutcher — filed the suit on Dow Corning’s behalf Friday in U.S. District Court in Bay City.

An unidentified Dow Corning vendor tipped off Dow Corning officials in August after an officer of RSI allegedly contacted the vendor to discuss “a research and development project relating to purification of solar-grade silicon,” court records show.

“Without knowledge of Dow Corning’s trade secret purification methodology and equipment, a solar-grade silicon manufacturer would have no reason to contact a vendor ... to aid in research and development work,” Debold wrote in the complaint that seeks injunctive relief and damages in excess of $75,000.

RSI is involved in developing solar-grade silicon but has no apparent reason to tap the vendor in question outside of replicating Dow Corning’s “trade secret purification methodology and equipment,” Debold claims.

Contacting the vendor “was unusual and illogical based on the purification methodology and equipment that (RSI) claims to use and which is disclosed in (RSI’s) patent ... ,” according to court files.

Since 2001, Dow Corning has invested considerable time and money into developing “secret and proprietary” technology to manufacture solar-grade silicon for using in solar cells and other devices, records show.

“If a competitor were to obtain these trade secrets improperly, it would provide that competitor with an unfair advantage and head start in efficiently mass producing solar-grade silicon at high purity levels,” court records show.

The Times could not reach a spokesman for RSI for comment.

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Dow Corning stellt UMG-SI Produktion ein...:

http://guntherportfolio.com/2010/04/dow-corning-stopped-umg-…

[coolrunning]

Gorilla Glass soll Fernseh-Bildschirme unzerstörbar machen

Glas ist zwar ein hartes Material, doch leider ist es auch anfällig für Kratzer und bei starken Erschütterungen zerbricht es. Besonders ärgerlich ist das bei Handy-Displays oder größeren Monitoren. Doch die amerikanische Firma „Corning Inc.“ hat ein besonderes Glas entwickelt, das künftig die Bildschirme von LCD-Fernsehern unzerstörbar machen soll.
Gorilla Glass soll Fernseh-Bildschirme unzerstörbar machen
Die Erfindung namens „Gorilla Glass“ ist nicht neu. Im Jahr 1962 entwickelten Angestellte des amerikanischen Unternehmens „Corning Inc.“ eine spezielle Art dieses Feststoffes, der sich durch seine besondere Widerstandsfähigkeit auszeichnet. Doch leider fand der Industrieglas-Hersteller nach Berichten der „Associated Press“ („AP“) keinen geeigneten, kommerziellen Zweck für seine Schöpfung.

2008 jedoch wurde das Material für die Verwendung von Displays und Monitoren entdeckt und entwickelte sich rasch zu einem Jahresgeschäft in der Höhe von 170 Millionen-US-Dollar für die Firma. Mit der besonderen Schutzschicht sind laut „AP“ mittlerweile mehr als 40 Millionen Handys, etwa von „Motorola“, und andere mobile Geräte ausgestattet.

Insbesondere wegen der außergewöhnlichen Kratzfestigkeit und Stärke von „Gorilla“ ist „Corning Inc.“ fest davon überzeugt, dass Fernsehhersteller auf das stichfeste Glas setzen werden und das Material zum nächsten Verkaufsschlager wird. Aus diesem Grund will das Unternehmen seine Produktion nun auch auf größere Monitore ausweiten – was zu einem Milliarden-Gewinn für „Corning“ werden könnte.

“Es gibt vielfältige Gründe für die Erfolgsaussichten dieses Produkts”, zitiert „AP“ den „Deutsche Bank“-Berater Carter Shoop. “Aber ich denke auch, dass man alles in allem vorsichtshalber erwähnen sollte, dass die Menschen immer dickköpfiger werden. Doch es ist eine unglaubliche Gelegenheit. Wir müssen sehen, wie die Kunden reagieren.”

“Gorilla” ist zwei-, bis dreimal so stark wie chemisch verstärkte Versionen von gewöhnlichem Natronkalk-Glas und dabei laut Experten aber nur halb so dick. Seine Stärke bedeutet auch, dass das Superglas dünner als ein Cent-Stück sein kann. Damit ist es außerdem leichter als das übliche, für die Bildschirm-Produktion verwendete Material - und spart somit auch noch Versandkosten.

Endnutzer werden LCD-Fernseher mit dem „Gorilla Glass“ ab 2011 kaufen können. Der Marktanalytiker Paul Gagnon schätzt, dass der Aufpreis für solche Geräte zwischen 30 und 60 US-Dollar liegen wird.

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Corning invests heavily in thin film PV glass market

Corning Incorporated and its board of directors have approved a capital expenditure of approximately $180m to expand the company’s Harrodsburg, Kentucky manufacturing facility.

The expansion will provide additional capacity for Corning’s Gorilla glass business and entry into the thin-film photovoltaic glass market.

“Growing demand for Gorilla glass is quickly consuming our available capacity,” said James P. Clappin, president of Corning’s Precision Glass businesses.

“We are on track to reach sales in excess of $250 million this year and sales could approach the $1 billion mark in 2011.

"We are making Gorilla glass manufacturing and technology investments today to meet the growing market need of the future,” he said.

Gorilla glass is currently used or designed into more than 200 mobile devices and is planned for about 100 others.

Corning will also will build capacity in its Harrodsburg facility to begin producing specialty glass for thin film PV.

The company will use its “fusion manufacturing process” to produce the thin-film photovoltaic glass.

“Thin-film photovoltaic technology is a rapidly advancing solution within the fast-growing solar energy industry and plays to Corning’s strengths in flat glass, materials science, and light management,” said Dr. Gary Calabrese, vice-president, science and technology and director, Photovoltaic Glass Technologies.

“We have already generated significant customer interest in our innovative solutions,” he said.

Assistance for this expansion project has been offered by the state of Kentucky and Gov. Steven L. Beshear’s office through the Kentucky Economic Development Finance Authority in up to $4.5m in Kentucky Business Investment incentives, and up to $1m in tax rebates related to construction costs.

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:

TORONTO, ONTARIO -- (Marketwire) -- 08/10/10 -- Timminco Limited ("Timminco") (TSX: TIM) announced today that it has agreed to form a joint venture with Dow Corning Corporation ("Dow Corning") at its silicon metal production facilities in Becancour, Quebec. Dow Corning will acquire a 49% equity interest in a new joint venture entity (the "Joint Venture") that will own the existing silicon metal operations of Timminco's wholly- owned subsidiary, Becancour Silicon Inc. ("BSI"). In exchange, BSI will receive net cash proceeds of US$39.7 million on closing, and up to potentially an additional US$10.0 million after closing subject to achieving certain performance objectives relating to production cost and capacity improvements. BSI will retain a 51% equity stake in the Joint Venture.

All of the production output of the Joint Venture, which will be based on an initial annual production capacity of 47,000 mt of silicon metal, will be split between BSI and Dow Corning proportional to their ownership interests. All of BSI's solar grade silicon purification operations and facilities at the Becancour site will remain with BSI.

"This joint venture with Dow Corning builds on a long and successful relationship between the two companies and strengthens Timminco's position for future growth opportunities," said Dr. Heinz C. Schimmelbusch, Timminco's Chairman of the Board and Chief Executive Officer.

"This acquisition is well aligned with Dow Corning's global strategy of securing an efficient supply of this critical raw material used to manufacture all of our silicon-based products," said Robert Hansen, Dow Corning's executive vice president and general manager of Core Products.

The Joint Venture, which will be known as "Quebec Silicon", will acquire from BSI all of the silicon metal production assets, including property, plant, equipment, and certain net working capital items, and BSI's quartz mining lease in Lac Malbaie, Quebec. BSI will retain its silicon metal customer relationships, and honour all existing contracts with such customers, through BSI's proportional off-take of the Joint Venture's production.

All active employees associated with the silicon metal operations will be transferred to the Joint Venture, which will assume certain liabilities associated with such employees, including pension obligations. The transferring employees include a majority of BSI's existing management team, which will continue to manage and operate the silicon metal operations.

The creation of the Joint Venture and the closing of Dow Corning's acquisition of its 49% equity interest is expected to occur on or about September 30, 2010. The closing is subject to satisfaction of customary closing conditions, including regulatory approvals and consent of BSI's lenders. In the event the conditions are not fulfilled and the transactions do not proceed, BSI and Dow Corning have committed to alternative supply arrangements for 20,000 metric tons of silicon metal to be delivered in 2011.

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Habe mir inzwischen mal ein paar Stücke zugelegt, weil die Bewertung recht niedrig ist und sie mit gorilla-Glas auch was für den Mobilfunk und Displaymarkt haben.

Schaun 'mer mal.



Hemlock interessiert mich natürlich unverändert:

Airgas signs supply contract with Hemlock Semiconductor
17 September 2010 | By Syanne Olson | News > Materials


Hemlock Semiconductor, majority owned by Dow Corning, signed a long-term supply contract with Airgas. The contract will see Airgas build an air separation unit at the Clarksville, Tennessee Hemlock site and supply nitrogen to Hemlock’s polysilicon manufacturing facility. The estimated completion date is for sometime in 2012.

“We will operate the new plant within our Airgas Merchant Gases business unit, which has the proven expertise to run the production plant,” Mike Molinini, executive vice president and COO for Airgas stated. Airgas Merchant Gases runs Airgas’ network of air separation plants, oversees procurement and supplier relationships and distributes atmospheric gases.

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Corning supplies Gorilla glass for Samsung Galaxy Tab


Press release, October 5; Michael McManus, DIGITIMES [Tuesday 5 October 2010]

Corning has announced that Corning Gorilla glass has been designed into the Samsung Electronics Galaxy Tab, a newly released smart media device. The Samsung Galaxy Tab was announced on September 2 at the Internationale Funkausstellung Berlin (IFA), consumer electronics show held in Berlin, Germany.

The Galaxy Tab features a seven-inch portable screen, video calling, full-web browsing functions, and is powered by Android 2.2. The display and design of the Galaxy Tab is enabled in part by using Corning Gorilla glass as a cover glass.

Corning Gorilla glass is currently designed into more than 225 mobile devices. Studies show that the portable computer market is projected to reach annual unit sales of more than 354 million by 2014. Emerging form factors such as slates, mobile Internet devices and other smart media devices are projected to grow at a compound annual growth rate of 40% over the same period and newer form factors will comprise up to 30% of the market's overall volume. Most importantly, studies estimate that more than 90% of newer form factors will utilize a touch interface.

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Corning Joins Fortune 500 in Rush to Solar
by: Greentech Media October 12, 2010 | about: GLW


by Eric Wesoff

The phenomenal growth rate and sheer potential size of the solar industry has begun to attract industry behemoths such as Samsung (SSNLF.PK), Siemens (SI), Toshiba (TOSBF.PK), Mitsubishi (MIELY.PK), LG (LGERF.PK), Honeywell (HON), Hyundai (HYMLF.PK), and GE.

Add Corning (NYSE:GLW) to that list.

It's a sign of a maturing industry, as well as a recognition that there's money to be made in the solar sector, that these global players are maneuvering for position.

Corning, the New York-based glass giant, has been in business for 160 years and has built its share of blockbuster inventions, including the machine to make the Edison light bulb and the machine that made the television picture tube.

Now Corning is bringing its expertise in glass and manufacturing scale to to enhance solar modules. The firm helped enable the scale-up of liquid crystal displays according to Dr. Gary Calabrese, Vice President and Director of Corning's Photovoltaics Group, adding, "We are trying to do the same thing for PV."

Calabrese claims that Corning's glass can provide up to two percentage points of efficiency improvement.

In many cases the glass used in typical solar modules uses standard window glass. Corning "does not and will never make window glass" according to Calabrese. Corning does, however, make higher-end specialty glasses using its fusion draw process. Unlike "float-glass," which fabricates glass formed on a molten bed of tin, the fusion-draw process creates glass drawn down off of a "double waterfall" of molten glass, and fuses together the two flows. The outer confines of the glass does not touch any surface -- just air.

Usage of the Corning glass has allowed Oerlikon (OERLF.PK), the amorphous silicon ((a-Si)) equipment vendor, to make a bit of progress in that beleaguered technology, unlike its former competitor, Applied Materials (AMAT). The two firms recently trumpeted an 11.9 percent tandem junction efficiency for a-Si -- post "light soaking" and without an anti-reflective (AR) coating. The efficiency gains in a-Si are because of improved "light-trapping," according to Calabrese -- light stays in the absorber films longer. Note that these figures are from hero experiments, not production products.

Corning is also working in the other thin film technologies -- cadmium telluride and CIGS -- although the efficiency gains are from another mechanism.

Calabrese would not reveal the cadmium telluride ((CdTe)) solar vendors that Corning is working with, but the list of credible CdTe players is small: First Solar (FSLR), Abound Solar and Primestar/GE. He said, "We are working with a number of CdTe suppliers."

Corning's glass innovations allow the glass to be treated at a higher temperature, and higher temperatures can improve deposition rates, throughput and quality of the film. Corning's glass is also thinner and lighter, a factor which can reduce installation time and shipping cost, as well as the embedded energy and energy costs involved in module processing.

The participation of firms like Corning signals solar's entry into the big leagues. These types of global firms can provide the scale and the cost and performance improvements to help get solar to grid parity.

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NEW YORK, Dec 12 (Reuters) - Shares of video screens maker Corning Inc could reach $25 next year as investors recognize the company's pipeline of new products and new uses for liquid crystal displays, Barron's said in its Dec. 13 edition.

Investors have recently sold Corning shares because of concerns over a recent slowdown in sales of televisions. But ultra-thin monitors will soon show up in more rooms in middle-class homes, and consumers are likely to replace their TVs more often than they did in the past, the weekly said.

The company also has a promising product in Gorilla Glass, a strong-scratch-resistant sheet that accommodates touch-screen functions in products like Apple iPhones and iPads.

Corning shares closed Friday at $18.83.

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Corning supplies Gorilla glass for Acer's dual-screen Iconia Tab


Press release; Yvonne Yu, DIGITIMES [Friday 7 January 2011]

Corning has announced that Corning Gorilla glass has been designed into Acer's Iconia Tab computer. The Iconia creates a tablet experience combining a 14-inch form factor with a dual-screen layout and intuitive all-point touch functionality.

The Iconia's design incorporates ultra-thin, durable Gorilla glass as a cover glass for its dual multi-touch displays, and includes a full range of intuitive and easy-to-use features designed to fully utilize the devices' multi-touch technology.

Corning Gorilla glass is an environmentally friendly alkali-aluminosilicate thin-sheet glass. Its damage resistance helps protect today's sophisticated electronic devices from the scratches, drops, and bumps of everyday use. Compatible with advanced touch screens, Gorilla glass is tough enough to handle the ongoing physical contact intrinsic to these devices, Corning said.

Gorilla glass is currently used by more than 20 major brands, designed into hundreds of product models, and featured on more than 200 million devices.

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On Friday February 4, 2011, 12:54 pm EST

MIDLAND, Mich. (AP) -- Dow Corning Corp. said Friday its fourth-quarter earnings fell 13 percent despite higher sales, due to higher costs.

The company -- a joint venture of Dow Chemical Co. and Corning Inc. that makes adhesives, emulsions, silicone and other chemicals for the automotive, cosmetics and other industries -- earned $251 million in the October-to-December period, compared with $289 million in the same quarter a year ago. The company did not provide per-share results.

Adjusted to exclude certain one-time gains and losses, income fell 16 percent to $164.5 million from $196.5 million a year earlier.

Revenue rose 7 percent to $1.58 billion from $1.47 billion a year earlier.

For all of last year, the company earned $866 million, up 45 percent from $598.1 million in 2009. Revenue leaped 18 percent to nearly $6 billion from $5.09 billion a year earlier.

The company said its silicones business continued to grow last year, especially in electronics, life sciences, solar and industrial applications. Its production of polycrystalline silicon, used in electronics and solar cells also grew. Dow Corning added rising raw material costs and energy prices will likely pressure earnings this year.

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Corning says China market presents large opportunity

Press release; Rodney Chan, DIGITIMES [Tuesday 8 February 2011]

The greater China market represents a US$2 billion opportunity for Corning, according to Eric Musser, CEO of Corning Greater China region.

Within the past year Corning announced about US$1 billion in new investments in China, including a plan to build the company's first LCD glass melting facility and expand its light-duty substrate manufacturing operation. "Our total China sales exceeded US$800 million last year. We are forecasting sales of at least US$1.2 billion this year, and we could reach US$2 billion in revenue by 2014," Musser told the company's annual investor meeting in New York on February 4.

China's market trends are creating growth opportunities across Corning's diverse businesses, he said. "We believe that China's LCD TV end market represents more than 20% of the worldwide total. Consequently, LCD panel manufacturers have been investing in China-based production for the past several years. Corning is making significant investments in its LCD glass manufacturing capabilities to meet this increasing market demand.

"China became the largest consumer market for automobiles in 2009," he added. "Stricter emissions regulations now being implemented in China are driving increased demand for Corning's clean-air products, and we have expanded in-country capacity to meet this growing market opportunity."

China has been Corning's largest market for optical fiber in recent years. Musser said that Corning expects China to continue making significant investments in building out the nation's wireless, FTTH, and enterprise networks for several additional years. "We anticipate China's fiber-to-the-home subscriber base could grow at a compound annual rate of more than 150% and optical solutions in the data center space may continue at a 20% compound growth rate, both through 2014," he said.

China investments in the pharmaceutical industry are creating opportunities for Corning's laboratory products as well. Corning recently announced plans to establish a new life sciences manufacturing and distribution facility in China and to expand its consumable labware product offerings.

Additionally, the company is also engaged in discussions with a number of Chinese customers interested in Corning's thin-film photovoltaic glass for solar-energy applications.

"Corning has invested in China for more than 25 years. We have established leadership positions in each of our major businesses. With increased investments and technology innovation across each business, we should be able to continue growing in China and meeting the needs of the world's largest consumer market," Musser concluded.

[Agio]

http://www.wallstreet-online.de/nachricht/3141064-corning-ka…

[Agio]

Barclays senkt Ziel für Corning auf 28,00 US-Dollar - 'Overweight'
22.06.2011 - 13:54

LONDON (dpa-AFX Analyser) - Die britische Investmentbank Barclays hat das Kursziel für Corning von 30,00 auf 28,00 US-Dollar gesenkt und die Einstufung auf "Overweight" belassen. Die Sorgen um die Entwicklung im LCD-Geschäft erschienen übertrieben, schrieb Analyst Christopher Muse in einer Studie vom Mittwoch. Nach dem jüngsten Ausverkauf könnte sich eine Kaufgelegenheit bei den Aktien des Anbieters von Glas- und Keramikmaterialien für die Industrie ergeben.

[R-BgO]

Corning Gorilla glass shows market potential for use in smartphone touch panels

Yenting Chen, Taipei; Adam Hwang, DIGITIMES [Thursday 4 August 2011]


Taiwan-based AU Optronics (AUO) and TPK Holding as well as LG Display and Samsung Electronics plan to adopt small-sized Gorilla glass produced by Corning as glass substrates used to make Touch on Lens touch panels, indicating Gorilla glass may have a large market share in touch panels used in smartphones, according to industry sources.

Touch on Lens is a solution for touch panels incurring less production costs than the current method of laminating two sheets of glass, the sources pointed out.

Other Taiwan-based makers, including Wintek, Cando and Chunghwa Picture Tubes, use large-sized reinforced glass sheets to produce Touch on Lens panels and then cut them into small panels, the sources indicated. However, the Touch on Lens panels made from large-sized glass sheets is not as rigid as Gorilla glass which has an anti-stress strength of 900MPa, the sources said.

[R-BgO]

Dow Corning Starts Monosilane Production At Michigan Facility
by SI Staff on Thursday 18 August 2011


Dow Corning says it has begun production of high-purity monosilane gas - a material used as an anti-reflective solar cell coating and as a feedstock for photovoltaics - at its facility in Thomas Township, Mich. This factory is adjacent to the polysilicon manufacturing plant of Hemlock Semiconductor Group, of which Dow Corning is a majority shareholder.

"There are only a few major manufacturers of monosilane, and most of them use much of their supply for their own downstream processing," notes Eric Peeters, vice president of the company's solar group. "So, up until now, monosilane hasn't always been available when customers needed it."

Dow Corning's monosilane plant has a capacity of 4,000 metric tons per year. Purity levels of the monosilane produced in the plant have consistently matched that of the leading supplier and are above industry specifications, the company says.

[R-BgO]

Dividende wird um 50% erhöht!

===================



langfristig Wettbewerb?:


Taimide rolls out transparent PI films for display devices

Ingrid Lee, Taipei; Steve Shen, DIGITIMES [Thursday 6 October 2011]


Taimide Technology has taped out transparent polyimide (PI) films which could replace glass in the production of display devices, according to the company.

The transparent PI films can be used for color filters, touch panels and cover glass and will be instrumental to helping the display industry to produce lighter and thinner devices, the company claimed.

The company has begun small volume production of transparent PI films and expects makers of display products to gradually switch from glass to transparent PI films in 2012-2013.

Meanwhile, the company said it is positive about the outlook for the fourth quarter as current demand for PI films from the flexible PCB (FPBC) sector has remained strong.

[R-BgO]

zur aktuellen Aktion von Solarworld:

Striking Balance – How the Solar Industry Benefits From the U.S. & China
By Robert D. Hansen, President and CEO & Stephanie A. Burns, Chairman, Dow Corning Corporation
15. Dezember 2011


The trade case brought against Chinese solar manufacturers by U.S. solar-panel producer SolarWorld and six other domestic equipment makers could undermine the solar industry's significant progress at the very moment it is poised for success.

With a largely jobless recovery here at home and a Chinese economy that is “cooling down,” a trade war over solar module production threatens both nations’ economies and the global viability of the solar industry overall.

Currently, the U.S. Department of Commerce is investigating whether or not it should impose preliminary tariffs in the case — this is occurring against the backdrop of a growing chorus of political rhetoric. Meanwhile, China’s Commerce Ministry is not standing idle — they are gearing up for action. It appears they are serious about initiating their own measures in anticipation of the U.S. advocating for trade remedies to be put in place.

At a time of economic dislocation and discontent, it is tempting to politicize trade disputes. But no nation or industry “wins” when these disputes escalate—and the unintended consequences of such an escalation will most likely outweigh the larger, negative impact on this important relationship with our largest trading partner.

The pending case raises concerns, but resolving this issue through an adversarial confrontation will impede both countries’ abilities to benefit from a growing solar market both in the U.S. and abroad. Such benefits are only possible through lower prices catalyzed by healthy competition between global manufacturers. Countries around the world realize the economic contributions the solar industry can provide, and are supporting new technologies and markets. This is not news. But to be clear: Competition and incentives need to be fair for all industry players.

Our companies, Dow Corning Corporation and Hemlock Semiconductor Group are among the world’s leading suppliers of polysilicon and other key solar materials that power solar innovation. Together, our common goal is to contribute to and support a thriving solar industry. Our recent U.S. investments of more than $5 billion back up that statement. We are expanding research, development and manufacturing capacity for materials such as polysilicon to help meet growing global demand. Our investments have made positive contributions toward getting the economy back on track — creating thousands of high paying jobs in economically hard-hit states like Michigan and Tennessee.

Further, our business analyses indicate that now is the time for America’s solar industry to take off. The amount of new solar wattage installed in the U.S. has been growing more than 70 percent per year since 2008. Last year alone, the solar industry created approximately 100,000 jobs, an increase of nearly seven percent.

As the solar industry continues to mature, the steep decline in solar panel prices have made solar energy affordable, delivering significant benefits for consumers while encouraging the development of large-scale photovoltaic projects. These installations, from residential rooftops to utility-scale solar farms are helping the economy and the environment.

Continued investments made by domestic and foreign solar companies will allow solar to play an increasingly pivotal role in our country’s energy mix. And, as the solar industry continues to grow and achieve economies of scale, it will further drive job creation in communities around the country, up and down the value chain from manufacturing to installation.

The world wants and needs growing, sustainable and environmentally beneficial sources of energy. To that end, a growing U.S. solar market is good business for everyone — for our companies and dozens of other domestic manufacturers; for distributors, developers, and installers; and for households, small businesses and other enterprises.

In a down economy, the numbers help tell the tale: A recent Forbes story notes that the U.S. was a $5.6 billion gross exporter in solar-related products in 2010 — exporting $1.9 billion more than it imported — including net exports of approximately $400 million to China.

The solar industry is ready for its moment in the sun. Here at home, we hope fairness prevails so that the investigatory process proceeds without acrimony, political overzealousness or protectionism; at stake are U.S. jobs, U.S. exports, and U.S. consumer benefits for a strategically important U.S. industry.

[Goldbaba]

Antwort auf Beitrag Nr.: 42.513.252 von R-BgO am 22.12.11 12:03:09

Eine Ahnung über die Baustoffe der Zukunft:

http://www.wiwo.de/technologie/forschung/high-tech-baustoff-…

...Das neue Material kam schließlich unter dem Handelsnamen Gorilla-Glas auf das iPad und wurde weltbekannt. Mittlerweile beliefert Corning mehr als 30 Hersteller von Smartphones, Netbooks und Tablets und erwirtschaftete 2010 einen Umsatz von 6,6 Milliarden Dollar.--

[Goldbaba]

Antwort auf Beitrag Nr.: 42.611.837 von Goldbaba am 18.01.12 18:45:15

In obigem Zusammenhang vielversprechend:


ITmanager magazin RSS - IT - IT


20.01.2012

Tablets
Führen mit dem Blechkästchen

Von Klaus Werle
Tablet-Nutzung: Wie iPad und Co die Arbeitswelt umkrempeln

iPad und andere Tablets werden das Management radikal umkrempeln. Noch arbeitet nur ein kleiner Teil der Führungskräfte mit den Zaubertafeln - doch die Veränderungen durch die Technik nehmen die Manager schon jetzt war.

Hamburg - In den Managementetagen ist die Tafel los. Tablets wie das iPad sind leichter als Laptops, müssen nicht umständlich hochfahren, Aufgaben lassen sich damit quasi im Vorbeiwischen erledigen.

http://www.manager-magazin.de/unternehmen/it/0,2828,810173,0…

[R-BgO]

ROCHESTER, New York (AP) -- Specialty glass maker Corning Inc. said Wednesday that its profit slumped 53 percent in the fourth quarter but its revenue rose 7 percent on stronger sales of glass for flat-screen televisions, computers and mobile devices.

The world's largest maker of liquid-crystal-display glass cautioned, however, that it is reducing glass prices in the current quarter to help panel makers overcome financial strains in the LCD market. Its shares fell almost 7 percent in premarket trading.

Corning said its net income fell to $491 million, or 31 cents per share, in the October-December period. That's down from $1.04 billion, or 66 cents per share, a year earlier.

Excluding special items, earnings were 33 cents a share in the latest period. That matches Wall Street expectations.

Revenue rose 7 percent to $1.89 billion from $1.77 billion. Analysts surveyed by FactSet expected revenue of $1.85 billion.

Sales of LCD glass rose 4 percent in the quarter to $780 million. However, Chief Financial Officer Jim Flaws said "price declines would be significant" in the first quarter as they were in the fourth quarter.

"We are working closely with our customers to reduce glass prices to help them with their immediate financial strains," Flaws said. "We are hopeful that our pricing actions, combined with our capacity decisions, will help us get back to more stable price declines in the coming quarters.

Corning expects the retail market for LCD products to grow from about 3.2 billion square feet in 2011 to 3.6 billion square feet in 2012.

Its shares fell $1, or 6.8 percent, to $13.62 in premarket trading. The stock has ranged from $11.51 to $23.43 in the past year.

DisplaySearch estimates that 206 million LCD-TVs were shipped worldwide in 2011, up 7.5 percent from 2010, while shipments in North America fell 2 percent to 37.5 million units.

In 2012, the market-research firm in Austin, Texas, projects a 9 percent jump in global shipments of 225 million units, and a 3.7 percent rise in North American shipments of 38.9 million units.

"Without the big inventory problem plaguing the supply chain like it did last year, and with small but continuous improvements in the economic outlook ... there's better times ahead for the industry," said DisplaySearch analyst Paul Gagnon.

Propelled by ultra-strong Gorilla glass used in handheld and tablet devices, specialty materials revenue swelled 21 percent to $238 million.

Environmental technologies revenue amounted to $238 million, in line with a year ago. Life-sciences revenue rose 2 percent to $143 million, and telecommunications sales rose 11 percent to $490 million.

[R-BgO]

Antwort auf Beitrag Nr.: 42.646.446 von R-BgO am 25.01.12 16:42:31

http://www.forbes.com/sites/ericsavitz/2012/01/25/corning-se…

[R-BgO]

Corning and Samsung Mobile Display form new OLED glass venture
Press release; Rodney Chan, DIGITIMES [Monday 6 February 2012]


Corning and Samsung Mobile Display have signed an agreement to establish a new equity venture for the manufacture of specialty glass substrates for the rapidly expanding organic light emitting diode (OLED) device market. The new business will be located in Korea.

Combining Corning's Lotus Glass substrate technology and Samsung Mobile Display's OLED display expertise, this new entity will be well-positioned to provide outstanding product solutions for current and future OLED technologies, from handheld and IT devices to large TVs and beyond.

The newly formed entity will supply OLED backplane glass substrates for Samsung Mobile Display, as well as for the broader Korean market.

According to a recent NPD DisplaySearch report, OLED technology advanced rapidly in 2011, setting a trend that is forecast to continue through this decade. They estimate that OLED display revenues will exceed US$4 billion in 2011 (approximately 4% of flat panel display revenues), and will reach more than US$20 billion (approximately 16% of the total display industry) by 2018.

Samsung is playing a leading role in this emerging market through its Galaxy mobile device products and Super OLED TV technology introduced in January at the International Consumer Electronics Show. Corning's ongoing advanced glass technology development includes a strong focus on high-performance displays. Most recently, this focus has been demonstrated through Corning's new Lotus Glass substrates, which deliver the higher processing temperatures and improved dimensional stability needed to produce the new high performance displays.

"Samsung Mobile Display has led the global display industry by constantly seeking innovations and challenging current technologies' limits. We are confident that combining our business powers with Corning's technology leadership will deliver greater value to our clients," said Soo In Cho, Samsung Mobile Display's president and chief executive officer.

"Corning and Samsung have a long and successful partnership in the display industry, dating back nearly 40 years to the early days of television," said Wendell P Weeks, Corning's chairman, chief executive officer, and president. "The strength of our business relationship is built on Corning's ability to develop and make high-technology glass with the key attributes that enable Samsung's next-generation displays."

[Goldbaba]

A Day Made of Glass... Made possible by Corning.

http://www.youtube.com/watch?v=6Cf7IL_eZ38&feature=youtu.be

[Goldbaba]

http://eon.businesswire.com/news/eon/20120203005383/en

February 03, 2012 08:03 AM Eastern Time

CORNING, N.Y.--(EON: Enhanced Online News)--Several innovations from Corning Incorporated’s (NYSE: GLW) new business portfolio have the opportunity for growth and could become significant revenue generators for the company, Wendell P. Weeks, chairman, chief executive officer...

[R-BgO]

By Mark Osborne - 03 February 2012, 16:27In News, Materials, Finance
Hemlock Semiconductor revenue impacted by polysilicon glut


Dow Corning’s JV polysilicon subsidiary, Hemlock Semiconductor was impacted by overcapacity in 2011. Like major competitor, Wacker sales were lower and demand weakened. Overall, Dow Corning recorded record sales of US$6.43 billion in 2011 while adjusted net income decreased 15% compared to 2010. The company does not breakout polysilicon sales.

“We were unable to translate record 2011 sales into increased profits due to oversupply and softening demand in our industry combined with higher materials and energy costs,” commented Executive Vice President and Chief Financial Officer J. Donald Sheets.”This situation, as well as continued global economic volatility, impacted both our silicones and polycrystalline silicon-segments.”

Sheets added in a statement that; “Our polycrystalline silicon business through Hemlock Semiconductor Group was impacted by significant oversupply in the solar industry, a condition we expect to continue in 2012.”

The comments support resent analysis by GTM Research that overcapacity will continue, putting continued pressure on polysilicon spot pricing and long-term supply contract pricing.

Dow Corning reported fourth quarter sales were US$1.52 billion, 4% lower than last year’s fourth quarter. The company noted that prices softened across most geographic regions.

Net income was US$260 million, 3% higher than last year’s fourth quarter, but adjusted net income was US$76.8 million, 53% lower than last year’s fourth quarter.

Sheets also noted that as a cost-competitive polysilicon manufacturer the company was in a good position to compete in the future, while emphasising it was “aggressively pursuing opportunities to increase efficiency and reduce costs in our operations.”

[Goldbaba]

Antwort auf Beitrag Nr.: 42.711.896 von R-BgO am 07.02.12 13:12:28

http://www.trefis.com/stock/glw/articles/102332/cornings-inn…

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Corning’s Innovation to Meet Mobile Demand Will Help Drive Growth
February 23rd, 2012 by Trefis Team
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Corning (NYSE:GLW) is embracing mobile with its increasingly visual and intuitive interfaces and believes that this segment will drive its growth in the future. Corning will take advantage of this opportunity by innovating and producing even more cutting edge technology glass which will be thinner, more damage resistant and eco-friendly.

The company reiterated these plans in its annual investor meeting held in New York earlier this month. The company also noted that it is on a path to achieve the stated revenue target of $10B by 2014. In spite of the company’s bullishness about its future growth plans, challenges remain on the profitability front which is being hurt by the declining glass prices. The company is hoping that thinner glass and shorter replacement cycles will help drive the prices higher and bring its profitability back on track. Corning competes with companies like PPG Industries (NYSE:PPG) and 3M (NYSE: MMM)

See our full analysis of the Corning stock here

Innovation in Gorilla & Ultra Slim Flexible Glass

The company is not satisfied with the success of its star product and is striving to drive improvements. It has come up with a new Corning Gorilla Glass 2, which is 20% thinner than Gorilla Glass 1 and has the same industry-leading damage resistance as its predecessor.

The company is also creating an ultra slim flexible glass which will drive improvements in high performance displays. Corning will use its patented fusion glass manufacturing process to produce a slim, flexible glass almost five times thinner than the standard display glass. This will also help the manufacturers to move from the present batch manufacturing process to the continuous roll to roll process. This will unlock an opportunity to manufacture glass using the plastic techniques while retaining the transparency, encapsulation, and high-temperature tolerance of glass.

[R-BgO]

Corning profits down in 1Q12
Rodney Chan, DIGITIMES, Taipei [Thursday 26 April 2012]


Corning has reported first-quarter 2012 revenues of US$1.9 billion, a 2% increase sequentially but a slight decrease of 0.2% from a year ago. Net profits totaled US$462 million in the first quarter of 2012, down 6% from US$491 million in the fourth quarter of 2011 and down 38% from US$748 million in the first quarter of 2011.

Its Display Technologies' wholly owned business LCD glass volume increased by mid-single digits sequentially and about 10% from the year-ago quarter. Volume at Samsung Corning Precision Materials was better than expectations, declining less than 10% sequentially and year over year, the company said.

Its Specialty Materials sales, which include the Gorilla glass, grew 21% sequentially and 13% year over year, the company added.

"We are pleased with the progress we made in the first quarter," Wendell P Weeks, chairman, CEO and president of Corning, said. "Our overall business performance is on track with our expectations. First-quarter sales in our Telecommunications, Environmental Technologies, Life Sciences, and Specialty Materials business segments grew, and we continued making strategic investments to create new revenue streams for the company. In the Display Technologies segment, LCD glass volume was slightly better than our forecast. And, we were especially delighted with the strength of Corning Gorilla Glass sales in the quarter."

Sales in the Display Technologies segment were US$705 million, declining 10% sequentially and 11% compared to a year ago. LCD glass price declines were in line with company expectations, it said.

Specialty Materials segment sales were US$288 million, a 21% sequential and 13% year-over-year improvement. The quarterly growth was driven by higher-than-expected Gorilla Glass sales for handheld devices and tablet computers, Corning said.

Looking Forward

"After two successive quarters of significant LCD glass price declines, we expect our price declines will be much more moderate this quarter," James B Flaws, vice chairman and CFO, said.

Flaws pointed out that LCD glass volumes are expected to be consistent in the company's wholly owned business and up slightly in Samsung Corning Precision this quarter. The company expects stronger LCD glass volume growth later in the year, driven primarily by normal retail seasonality.

Specialty Materials segment sales are anticipated to grow in the range of 10-15%, driven primarily by the continued demand for Gorilla glass for the handheld and information technology markets, the company said.

[R-BgO]

http://www.oled-info.com/corning-shows-flexible-ultra-thin-g…

[R-BgO]

http://www.digitimes.com//supply_chain_window/story.asp?date…

[MeatTrader]

lohnt sich ein einstieg als longie ?
denke die Firma ist günstig bewertet habe mich aber noch nicht intensiv informiert.
danke für Tips
Gruß MT

[Goldbaba]

Antwort auf Beitrag Nr.: 43.426.721 von MeatTrader am 26.07.12 13:59:44

Schwer zu sagen, aber Glas scheint der Baustoff der Zukunft zu werden.
Es könnten ganze Städte aus Glas entstehen.

Weiter oben wurde von einer Brücke aus Glas gebaut berichtet.

[Goldbaba]

Antwort auf Beitrag Nr.: 43.427.010 von Goldbaba am 26.07.12 15:13:34

Warum Großanleger Corning kaufen:

http://www.dailyfinance.com/2012/09/10/heres-what-this-billi…

[specku]

Technologiekonzern Corning will in Berlin expandieren

http://www.morgenpost.de/printarchiv/wirtschaft/article10918…

[Goldbaba]

Antwort auf Beitrag Nr.: 43.602.558 von specku am 13.09.12 20:55:22

Report Highlights:

Corning Incorporated (NYSE:GLW): Last week, the global, technology-based Corning Incorporated (NYSE:GLW) opened the Corning Technology Center Berlin that is located in the Adlershof Science and Technology Park.

Corning said the establishment of the technology center will enable the company to pursue faster innovation, build upon its commitment to customer collaboration, and engage in a mix of potential industrial, academic, and technology activities.

Shares of Corning gapped open sharply higher in the last trading session. Investors could check Corning earnings forecast report here.

Read Full Report: http://www.earningforecast.com/PR/092012A/GLW/Corning.pdf

[Goldbaba]

Antwort auf Beitrag Nr.: 43.631.599 von Goldbaba am 21.09.12 16:11:04

http://seekingalpha.com/article/915691-buy-corning-windows-8…

[Goldbaba]

Antwort auf Beitrag Nr.: 43.704.026 von Goldbaba am 11.10.12 21:12:09

Ohne Corning geht nichts:

http://www.propertymentorgroup.com/the-upcoming-nokia-corpor…

[sundancer-ch]

schade das es um corning so ruhig geworden ist...
eigentlich ne spannende Sache gewesen...

[Goldbaba]

verstehe es auch nicht,
mehr an Zukunftsaussichten geht doch nicht?

[sundancer-ch]

ich find hald die vids auf youtube sowas von hammer!
Und eigentlich weiß jeder das die Zukunft so kommen muß...
Wir haben tablets, touchbrettln, Telefone mit Draufdrückfunktion, und whiteboards...
Da is doch das hier echt passend v.a. is schon lange keine wirkliche Inovation auf dem Gebiet gekommen!!!
od ich hab was verpennt...

[Goldbaba]

Antwort auf Beitrag Nr.: 43.816.976 von sundancer-ch am 13.11.12 09:57:39

Corning hat bekanntlich ein Forschungszentrum in Berlin eröffnet,
es lohnt sich die Seite einmal anzuschauen:

http://www.adlershof.de/newsview/article/corning-technologie…

[sundancer-ch]

Antwort auf Beitrag Nr.: 43.818.262 von Goldbaba am 13.11.12 14:45:39

bin ja mal gespannt was der Kurs die nächste Zeit noch machen wird...evtl ne gute Einstiegschance. Kann ich aber schlecht beurteilen da ich erst zu kurz dabei bin...

[Goldbaba]

Antwort auf Beitrag Nr.: 43.819.071 von sundancer-ch am 13.11.12 16:59:56

Ich bin zwar länger dabei, aber das schützt auch nicht vor den roten Zahlen.

[sundancer-ch]

Antwort auf Beitrag Nr.: 43.819.119 von Goldbaba am 13.11.12 17:07:29

keine Sorge! Wenn die nicht mehr auf die Beine kommen bzw. "abheben" dann glaub ich an nix gutes mehr...

[eric100]

Ich war auch drin und bin jetzt mit -30% raus. Vielleicht ist es schon der Boden, aber mehr als die Hälfte aller Umsätze und mehr als 3/4 der Gewinne kommen aus dem LCD Geschäft - Fernseher und Computermonitore. Hier sinken seid einigen Quartalen sowohl Umsatz als auch Margen. Dies scheint ein strukturelles Problem zu sein - es werden immer weniger Computer verkauft. Kommt dazu noch ein Konjunktureinbruch, befürchte ich dasss es noch weiter runtergeht.

Leider habe ich erst zu spät gemerkt, dass das, was als Gorilla-Glas vermarktet wird, momentan nur einen Bruchteil von Gewinn und Umsatz ausmacht.

Momentan reicht das explosive Wachstum in diesem Bereich noch nicht, die Schwäche des LCD Geschäfts auch nur annähernd auszugleichen.

Gruss

Eric

[Goldbaba]

Antwort auf Beitrag Nr.: 43.819.702 von eric100 am 13.11.12 19:00:10

LCD and Specialty Glass Sales Volume
11/27/2012| 08:49am US/Eastern


Corning Inc. (GLW) raised its fourth-quarter sales outlook for its specialty materials business amid stronger-than-anticipated demand for glass used in flat-panel televisions and special glass used in mobile devices.

Shares were up 7.5% at $12.22 in recent premarket trading. Through the close Monday, the stock is down 13% this year.

http://www.4-traders.com/CORNING-INCORPORATED-12788/news/Cor…

[R-BgO]

Antwort auf Beitrag Nr.: 43.866.762 von Goldbaba am 27.11.12 16:38:47

Schöner Schluck aus der Pulle; gottseidank habe ich meine im Nov ausgelaufenen Optionen noch nicht neu geschrieben...

[Goldbaba]

Antwort auf Beitrag Nr.: 43.866.921 von R-BgO am 27.11.12 16:58:50

CORNING, N.Y. - Corning Incorporated officials say they expect stronger than expected sales of LCD and Gorilla Glass.

The forecast for fourth quarter sales of LCD glass has been upgraded from an expected drop to a low single digit increase in sales compared to the end of last year.

Stronger than expected retail demand for LCD televisions and other consumer electronic devices are the reason for the improved forecast.

Sales for the Corning Incorporated segment that includes Gorilla Glass are expected to be up 60-percent in the fourth quarter of this year compared to last year.



http://www.wetmtv.com/news/local/story/Corning-Inc-Increases…

[sundancer-ch]

is hier noch jemand am Leben?

[R-BgO]

Antwort auf Beitrag Nr.: 44.042.971 von sundancer-ch am 20.01.13 22:00:11

ja;

und hier steht was Interessantes zu Willow: http://www.technologyreview.com/news/509321/glass-that-bends…

[sundancer-ch]

Zitat von R-BgO: ja;

und hier steht was Interessantes zu Willow: http://www.technologyreview.com/news/509321/glass-that-bends…

hört sich gut an!

[R-BgO]

Corning announces 1Q13 financial performance
Press release, April 25; Alex Wolfgram, DIGITIMES [Thursday 25 April 2013]


Corning's first-quarter 2013 core sales were US$1.8 billion, similar to core sales in the first quarter of 2012. Net sales (GAAP) for the quarter also were US$1.8 billion. Additionally, Corning's first-quarter core EPS were US$0.30, a 15% increase on year. GAAP earnings per share were US$0.33, compared to US$0.31 in 2012, according to the company.

Corning has also announced that its sales from display technologies reached US$650 million, a 7% increase on year. LCD glass price declines were more moderate than in the prior quarter, as expected, said Corning. Total glass volume from Corning's wholly-owned business and Samsung Corning Precision Materials increased by a mid-teens percentage, on an on-year basis. On-year core earnings were up slightly, added Corning.

In the second quarter of 2013, Corning expects its display technologies overall LCD glass share to remain stable and volume to be consistent with the first quarter. Price declines are expected to be smaller than in the first quarter, in the range of a 2% to 3% decline, noted Corning.

[hopy00]

naja, hat lange gedauert, aber es wird alles gut. bin zum jahreswechsel 2011/12 eingestiegen und lag lange im minus.

dividende ist ja mittlerweile recht ansehnlich, aktienrückkaufprogramm tut sein übriges. jetzt noch ordentliche zahlen diesjahr, und das ding geht ab.

die aktie scheint ja nicht gerade viel aufmerksamkeit auf sich zu ziehen, wenn man die dürftige postingfrequenz betrachtet.

allen investierten viel erfolg!

mfg hopy

[R-BgO]

Corning develops germ-proof smartphone glass
July 25, 2013 4:55pm


After making scratchproof glass for smartphones and tablets in past years, Corning is now working on making its famous Gorilla Glass resistant to germs and glare as well, a tech site reported.

Mashable said Corning is adding anti-reflective and anti-microbial technology to further protect the touchscreens of mobile electronic devices.

"Corning is working to invent a cover glass that can kill both drug-resistant bacteria and drug-resistant viruses," it quoted Corning senior vice-president and operations chief of staff Jeffrey Evenson as saying at the MIT Technology Review Mobile Summit 2013 last June.

Evenson said Corning started its work on anti-microbial technology for the health care industry, but eventually realized a bigger market for the successor of Gorilla Glass.

Mashable noted germ-fighting screens would be good news for any consumer as recent studies indicated cell phones have more germs than a toilet seat, kitchen counter, a pet's food dish, checkout screen and doorknob.

Also, Evenson said Corning is working on anti-reflective glass to counter screen glare.

"It's going to make sunlight reading much, much easier," Mashable quoted Evenson as saying. — TJD, GMA News

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Corning announces 2Q13 financial performance
Press release, July 31; Alex Wolfgram, DIGITIMES [Wednesday 31 July 2013]


Corning has announced that its core sales in the second quarter of 2013 were US$2 billion, an increase of 11% over the same period of 2012. Net sales (GAAP) for the quarter were US$2 billion.

Core earnings per share were US$0.32, representing a 23% improvement over the second quarter of 2012 and the third consecutive quarter of on-year double-digit growth. GAAP EPS were US$0.43, compared with US$0.31 a year ago, a 39% increase.

In Corning's Display Technologies segment, second-quarter LCD glass price declines were moderate and less than the previous quarter. Additionally, core sales in the segment were US$670 million, a 21% increase compared with a year ago, and stronger than originally anticipated. Total glass volume from Corning's wholly-owned business and Samsung Corning Precision Materials increased by a mid-single digit percentage sequentially and about 20% on an on-year basis. On-year core earnings for the segment increased approximately 11%.

Corning's Specialty Materials segment sales meanwhile grew 17% sequentially to US$301 million, driven by increased sales of Corning Gorilla Glass. Segment core earnings grew by approximately 33% over the previous year on strong Gorilla Glass manufacturing performance.

The company also said its core gross margin in the quarter was 43%, a significant improvement over the second quarter of 2012. Corning ended the quarter with US$5.5 billion in cash and short-term investments. As part of the company's commitment to return value to its shareholders, Corning repurchased about US$242 million in common stock during the second quarter and increased its quarterly dividend payment by 11%.

"We believe Corning will continue to have good sales and earnings growth, driven by our Display Technologies segment's success in moderating LCD glass price declines; our leadership positions and strong customer relationships in all of our segments; and growth from new products," said James B Flaws, vice chairman and CFO.

In the third quarter of the year, Corning expects to achieve its fourth consecutive quarter of on-year earnings growth. The company also anticipates its LCD glass volume should be consistent to up slightly compared with the strong second quarter performance. Corning expects its volumes in the second half to be driven by global retail TV demand, especially for 50-inch or larger LCD TVs. Third quarter LCD glass price declines are anticipated to be moderate, and consistent with the previous quarter.

Moreover, Corning said that its Specialty Materials segment sales are expected to improve about 10% sequentially. Corning recently announced the introduction of Corning Gorilla Glass NBT, a specially designed and strengthened cover glass for touch notebook applications. The company expects sales to begin ramping for this new product in the third quarter. Market research indicates that touch-enabled notebooks represent the next wave of opportunity for cover glass technologies.

"Our strong first-half performance has established a solid foundation for continued growth. We expect excellent retail demand for large-size TVs to allow us to continue our strong LCD glass performance from the first half. We expect sales in our Telecommunications, Environmental and Life Sciences segments to grow as well. And we are very excited about the emerging opportunities for our Gorilla Glass products, especially as touch-enabled notebooks become available in the consumer market. We look forward to introducing other advanced technology applications for Gorilla Glass in the coming months," Flaws concluded.

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3Q13:

http://www.corning.com/news_center/news_releases/2013/201310…" target="_blank" rel="nofollow ugc noopener">http://www.corning.com/news_center/news_releases/2013/201310…

yeah, baby yeah

[bolero6]

CORNING

enabling a future of communication, collaboration, and connectivity

http://www.youtube.com/watch?feature=player_embedded&v=d1SKL…

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Corning announces 4Q13 and full-year financial performance
Alex Wolfgram, DIGITIMES, Taipei [Tuesday 28 January 2014]


Corning has announced that in the fourth quarter of 2013 its core EPS were US$0.29, an increase of 4% on year. The company's GAAP EPS were US$0.30. Additionally, the company's core sales were US$2 billion, a 2% decline from the comparable period in 2012. GAAP sales also were US$2 billion.

In Corning's display technologies segment, price declines for the quarter were moderate. Total LCD glass volume was at record levels, improving 4% over the year-ago period, the company said.

In 2013, Corning's overall core sales were US$7.95 billion, a 5% increase from US$7.61 billion the year before. GAAP sales were US$7.82 billion.

The company's core EPS were US$1.23, a 16% on-year improvement compared to core earnings of US$1.06 in 2012 while its GAAP EPS were US$1.34. Free cash flow for the year was US$1.2 billion.

"2013 was a very successful year for Corning," noted Corning CEO Wendell P Weeks. "We achieved the company's primary performance goal of restoring earnings growth. This was accomplished by regaining positive momentum in our LCD business and growing the earnings in our other segments. We also delivered on our commitment to enhance shareholder value by increasing the cash dividend and executing more than US$1.5 billion in share repurchases. The company's performance was recognized by a 41% improvement in the year's share price."

"We have entered 2014 with confidence that we can continue building a bigger, stronger, and more agile Corning," Weeks remarked. "With our recently completed acquisition of the other 50% of Samsung Corning Precision, we expect to see direct financial and strategic benefits to Corning. We are broadening our ability to service our customers worldwide with flexible fusion glass manufacturing assets and improving operational efficiencies. The incremental profitability we expect to achieve with the consolidation of Samsung Corning Precision into our display business, coupled with a new US$2 billion share repurchase program, should result in a 20% accretion to earnings per share on a fully diluted basis."

In 2014, Corning said it anticipates that glass volume in its display technologies segment will be down slightly sequentially, in line with normal seasonality. The company also said it expects LCD glass price declines to be higher than previous quarters. The price declines are not related to the SCP acquisition or a result of recent supply contract renewals. The company expects that price declines will return to moderate levels after the first quarter of 2014. Corning anticipates another year of growth in the LCD glass market in 2014 as well, with retail demand up a mid-to-high single digit percentage, as measured in square feet. The company said that supply chain inventory levels remain healthy and industry glass supply appears aligned with overall demand.

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Glass wafers and interposers: What new Corning semiconductor technology means for the market
Alex Wolfgram, DIGITIMES, Taipei [Thursday 11 September 2014]


As a leader in glass technology development, Corning has been looking to expand the way glass is used in the market through creating new semiconductor glass-based wafer products. Recently at Semicon 2014, Corning showcased its latest applications for 2014 and talked about the advantages of the technology and the process that is used to create it.

"There are two main products we are offering to the semiconductor industry - glass wafers, produced from a fusion process for thinner and smaller solutions, and interposers, which are thin glass with small holes sized between 25-100 microns. The holes are filled with a conductive material and there are redistribution layers put down, allowing for electrical signals to continue. This application integrates chips inside a device, so it is a semiconductor type of device rather than a cover-type device," said Gene A Smith, program manager of semiconductor glass products at Corning.

"The trend in the industry indicates packing more things into less space while consuming less power and we think glass can help on both fronts. The glass is an insulator so it provides a lower signal loss than some other technologies and we can different compositions of glass that yield multiple levels of coefficient thermal expansion, so we want to match the glass coefficient thermal expansion to the composite coefficient thermal expansion of whatever is being built so that when a product goes through any heat cycles we don't have any warp issues. Glass also has a high modulus so for glass core applications the glass can be stiff enough to support other structures. It also has great surface quality so tight line spacing can be placed on," added Smith.

According to Corning, there are two primary challenges to fabricating a precision interposer using thin glass. The first is obtaining high quality thin glass wafers (300mm OD, thickness 0.05-0.10mm, warp and total thickness variation (TTV) of 30μm and 1μm respectively). The second challenge is developing a cost- effective process capable of providing small (5-10μm) and high-precision through holes.

The first step in developing TGV (through glass vias) is to identify the most appropriate glass composition for the application, which furthermore defines important properties such as coefficient of thermal expansion (CTE) and other mechanical properties, electrical properties and chemical durability (during downstream processes and reliability testing). The manufacturing process used to develop the glass has a significant impact on quality and manufacturability. Fusion formed glass provides a solution for high volume manufacturing supply in an as-formed, ultra-thin, pristine glass manufactured to tight tolerances, and circumvents the issues associated with polishing or thinning. The supply of as-formed ultra-thin glass wafers less than 100μm thick can compare very favorably in cost relative to polished or thinned glass as well as thinned silicon wafer. However, Corning's fusion process provides a high quality and precision surface that exhibits high strength, without the need for post forming processing. This avoids potentially introducing strength limiting flaws during the grinding/polishing, noted Corning.

"Making high-quality holes that maintain the strength of the glass is what's key, so we make precision holes where the customer wants them to fulfill that demand. The interest of using glass in the semiconductor industry is continuing to increase and will do so throughout 2015," added Aric Shorey, commercial technology manager for the semiconductor glass wafer and interposer programs at Corning.

When asked about industry trends, Shorey noted that Corning sees a significant amount of interest as a substrate for integrated passive devices. "Those are some of the most significant applications," said Shorey. "We are hesitant to expand on other applications as they refer directly with specific customers, but I can say Corning is seeing new demand for all kinds of new applications almost on a daily basis. Corning wants to keep glass as strong as possible and putting holes in certainly does not weaken it due to the fusion process we use. The idea for this has come about as a result of discussions with customers, and we know it's what the market wants."

Overall, Corning stresses that successful implementation of TGV is extremely important for 2.5D and 3D ICs. Glass has numerous attributes that make TGV attractive for many applications, and the ability to tailor properties (e.g. thermal and electrical) for specific applications provides tremendous advantage. The optimized fusion process provides important attributes such as excellent surface quality, low warp and TTV, and also provides valuable flexibility with respect to substrate size and thickness. The ability to make large wafers at target thickness and thus avoiding finishing, gives additional advantages with respect to manufacturing cost and economies of scale, added Corning.

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bin mal wieder mit kleiner Stückzahl dabei

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Corning vehicle display glass gains further attention in the market
Rebecca Kuo, Tainan; Alex Wolfgram, DIGITIMES [Monday 20 October 2014]


Corning is being recognized by BMW for its development of thin, optically clear Corning Gorilla Glass used in automotive products, including use in the BMW i8 as an acoustic glass partition to shield sound from the rear engine.

Corning said automakers around the world are working to reduce the weight of their vehicles to meet strict mobile emissions regulations. Corning Gorilla Glass for automotive applications is now available to help automakers meet this objective by enabling weight reduction in glazing of more than 50% versus conventional soda lime glass. Corning Gorilla Glass for automotive purposes can be used in all openings of a vehicle, including windshields, sidelites, sunroofs, and backlites. It can also be used in automotive interior touch panels.

Doug Harshbarger, business director of emerging automotive innovations at Corning remarked, "By using thin, optically clear, and durable Gorilla Glass laminates in auto glass glazing applications (windshields, sidelites, sunroofs, and backlites), our customers are able to achieve more than 50% weight reduction over conventional soda lime laminates. Our glass helps customers reduce the weight of the vehicle, meet CO2 requirements, and consume less fuel. We are excited about our possibilities in this market."

Corning added that its Gorilla Glass was originally introduced to help protect consumer electronics from the scratches and bumps of everyday use. It has been designed into more than 2,450 product models and is used in 2.7 billion devices by 33 major brands.

[sirmike [Blogger]]

Is It Time to Buy Corning Incorporated Stock?

(By Steve Symington, The Motley Fool) - When Corning Incorporated last reported earnings in late July, investors were disappointed when sales from its Specialty Materials segment came in relatively flat over the same year-ago period. Corning management blamed weak Gorilla Glass sales due to "lower-than-expected retail demand for smartphones and tablets, and lower-than-expected sales for planned new models." In addition, investors feared continued weakness in this promising business. As a result, Corning shares have fallen around 15% since then.

But that begs the question: With Corning's next quarterly report coming up next week, is now the time to buy Corning stock? For a number of different reasons, I think the answer is yes.

Management thinks it's cheap
First, even after repurchasing 9.3 million shares last quarter for $200 million, Corning still had around $400 million remaining under its share repurchase program. Most importantly, management insisted they intend to utilize the remainder of that balance to complete the program by the end of 2014.

Given Corning's recent weakness, I wouldn't be the least bit surprised if they did so in Q3. Shares of Corning don't look terribly expensive at around 20.5 and 0.95 times trailing 12-month earnings and sales, respectively. But looking forward, they're much more attractive at around 11.7 times next year's earnings estimates. And even if those estimates fall, patient investors can take solace knowing they're collecting Corning's 2.3% dividend while they wait.

The Cupertino effect
When Apple unveiled its new iPhone 6 last month, it described its "cover glass" as an "ion-strengthened thing of beauty" -- an almost certain reference that Apple has chosen to stick with Corning's Gorilla Glass as its protective cover of choice. This meant Apple definitively chose not to replace Gorilla Glass with sapphire in the iPhone 6. Apple hasn't confirmed exactly why that was the case, but the most prominent reports state it was a last-minute decision made due to a combination of low finished sapphire display yields, as well as high rates of cracking during drop tests for the otherwise scratch-resistant material.

I already suggested prior to the iPhone 6 launch that if Apple were to ditch Gorilla Glass for sapphire, Corning would only stand to lose less than 3% of its total revenue stream. It's also worth noting that management pointed out last quarter that tablets -- not smartphones -- are the primary driver of Gorilla Glass growth. But at the very least -- and keeping in mind Corning has already confirmed plans to launch a new enhanced version of Gorilla Glass later this year -- Apple's decision to stick with Gorilla Glass could go a long way toward preventing other smart-device makers from eventually following suit.

Larger TVs, slower LCD glass price declines
Next, Corning also told investors that, not only are LCD glass price declines expected to continue moderating in the third quarter, but also that consumers are buying larger TVs at faster rates than they previously expected. As a result, Corning significantly raised its internal 2014 forecast for screen sizes larger than 30 inches. It expects average screen sizes to increase 3% through 2015, and sees "robust" growth beyond that as larger ultra-HD sets continue to increase their market penetration.

This bodes particularly well for Corning, whose Display Technologies segment already comprised a whopping 43% of overall sales last quarter.

Acquisition synergies
Finally, earlier this year, Corning announced it had finally completed its acquisition of Samsung Corning Precision Materials, which was formerly an unconsolidated equity venture with Samsung Display, and has since been renamed Corning Precision Materials. As of last quarter, Corning said that, because the integration of CPM was "proceeding very well," it was on track to achieve $30 million in synergies in Q3, and $90 million for the full year.

Better yet, Corning stated those synergies should increase to $170 million for 2016, before ultimately achieving a $210 million run rate by 2017. Over the long term, you can bet Corning will put that extra cash to good use, whether it boosts research and development spending, or simply returns even more capital to shareholders through dividends and share repurchases.

This is exactly the kind of long-term mentality that has helped Corning survive, thrive, and consistently reward shareholders throughout the years. In the end, whether Corning pulls back after next week's report remains to be seen; but for patient, long-term shareholders, Corning stock is a solid buy.

[sirmike [Blogger]]

Corning sales rise 23%, in line with forecasts

By Erin McCarthy, marketwatch.com - Corning Inc. said its sales surged 23% in the latest quarter as the maker of TV-screen glass reported higher sales in its display-technologies segment.

That segment posted 62% higher core sales, at $1.1 billion for the quarter. The gain was driven in part by a high-single-digit percentage increase in LCD glass volume, compared with the second quarter.

Corning relies on sales of LCD-TV glass for the bulk of its profit. The company added said it expects the global LCD glass retail market to grow 10% for the full year. However, Chief Executive Wendell P. Weeks said that company is benefiting from "solid growth trends and positive momentum" across the company.

Core sales for the company's specialty-materials segment, which includes the Gorilla Glass material used in smartphones and tablets, were nearly flat year-over-year, at $327 million.

The environmental technologies segment's core sales were $282 million, up 25% from a year earlier.

Overall, Corning reported a profit of $1.01 billion, or 72 cents a share, compared with $408 million, or 28 cents a share, a year earlier. The company's cost of sales increased 24% during the quarter.

Excluding special items, core earnings per share increased to 40 cents from 33 cents. Sales rose to $2.54 billion from $2.07 billion a year earlier. Core sales jumped 26% to $2.65 billion. Analysts polled by Thomson Reuters predicted earnings of 37 cents a share on revenue of $2.63 billion.

For the fourth quarter, the company said it expects to see both sales and earnings growth, though it warned that LCD glass volume will likely be flat to down slightly compared with the previous quarter.

[sirmike [Blogger]]

Corning Cracks Expectations, Teases Gorilla Glass 4

By Steve Symington, The Motley Fool

It's not always easy being a 163-year-old tech company. But if anyone can pull it off, it's Corning.

Shares of the glass maker initially fell around 3% early Tuesday morning, then turned positive after it announced third-quarter sales climbed 26% year-over-year to $2.649 billion. That translated to a 21% increase in non-GAAP earnings per share to $0.40, which makes eight straight quarters of adjusted year-over-year earnings growth. Analysts, on average, were only expecting sales of $2.63 billion to result in adjusted earnings of $0.37 per share.

Digging deeper
Corning's Display Technologies segment saw core sales increase 62% year-over-year to $1.1 billion, driven by a combination of expected further moderation in LCD glass price declines, high-single-digit percentage growth in LCD glass volume, and continued synergies provided by the consolidation of Corning Precision Materials. According to management on the subsequent conference call, they continue to feel comfortable forecasting $90 million in synergies from CPM for the full-year 2014.

Meanwhile, Corning also saw healthy demand for its optical communications segment, where sales and core net income rose 7% to $698 million and 8% to $70 million, respectively. This was driven both by higher volume manufacturing efficiency, and higher year-over-year sales during the quarter in every region except China.

Environmental sales also jumped 25% year over year to $282 million, which resulted in the segment's core net income climbing 78% to $57 million. For that, management says, investors can thank a 41% increase in diesel sales from new regulations in China and Europe, as well as strong truck builds in North America.

In addition, Life Sciences sales and earnings were relatively flat over the same year-ago period at $214 million and $22 million, respectively. Dow Corning sales also rose an impressive 24% to $1.52 billion, which resulted in core gross equity earnings growth of 143% to $68 million.

Finally, Specialty Material sales were up 10% sequentially to $327 million -- exactly inline with management's previous forecast, by the way -- driven by higher Gorilla Glass volume and offset by expected price declines. Specialty Materials core net income climbed 18% sequentially, but fell 20% year over year to $52 million. Echoing his comments from last quarter, Corning CFO Jim Flaws noted this segment has proven a "minor disappointment" given "lackluster retail sales of media tablets, which we had expected to contribute more volume growth of Gorilla Glass." But don't fret just yet; we'll discuss more on this in a bit.

Here's what to expect next
All told, Corning generated free cash flow of $934 million during the quarter (up from $583 million in Q2, and $268 million during the same year-ago period), and exited the quarter with $6.1 billion in cash and short-term investments.

In what's now becoming old hat, Corning repurchased around $200 million in shares in the open market last quarter, and still expects to exhaust the remaining $183 million under its current repurchase authorization by the end of the year. Better yet, given the impending completion of that authorization, Corning's board has decided to accelerate consideration of future repurchases and dividends.

Management also upgraded their view on the LCD glass market, and now expect 2014 glass retail sales to grow 10% over last year. That's up from their view of high single-digits previously, and driven by mid-single digit growth in TV units and continued consumer migration toward larger screen sizes. For the current quarter, the LCD glass market should fall slightly sequentially, while LCD Glass price declines expected to further moderate. Additionally, sales for both Optical Communications and Environmental Technologies should be up by mid-single digits over last year, while Life Sciences should be consistent with last year's performance.

New and (dramatically) improved
Finally -- and this is where things get really interesting -- Specialty Material sales are expected to fall by low-to-mid teen percentage sequentially. Specifically, Corning says Gorilla Glass volume should be higher on a year-over-year basis as it was in Q3, but that this period reflects "the absence of new product launches that occurred in the third quarter." So much for speculation that Corning's inclusion in Apple's latest iPhones was unexpected.

That said, Corning also confirmed it will make good on last quarter's promise to launch its next generation of Gorilla Glass by the end of this year. Of course, they wouldn't spill all the details, but Flaws did say a Nov. 20, 2014, unveiling of Gorilla Glass 4 will demonstrate "dramatically improved performance capabilities over previous versions." Further, he later elaborated that customers are already integrating Gorilla Glass 4 into their newest products, and suggested the new version should help moderate further price declines for Corning's Specialty Materials segment.

It remains to be seen just how "dramatically improved" Gorilla Glass 4 really is, but it could certainly go a long way toward appeasing skeptics worried that this small-but-promising business for Corning could lose ground to rival materials like sapphire. In any case, that promise is helping stoke the fire under Corning stock today, and I think the market is rightly reacting kindly to this strong report with shares up nearly 2% as of this writing.

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Corning announces glass advancements with Gorilla Glass 4

Alex Wolfgram, DIGITIMES, Taipei [Thursday 20 November 2014]
Corning has announced its Gorilla Glass 4, which provides at least two times improved damage resistance over competitive aluminosilicate glass, as measured by retained strength after damage, resulting in improved mechanical durability of the glass to in-field damage events, such as drops, according to the company.

Corning scientists examined hundreds of broken devices and found that damage caused by sharp contact accounted for more than 70% of field failures. The scientists then developed new drop-test methods that simulate real-world break events, based on thousands of hours analyzing cover glass that had broken in the field or laboratory. The scientists used the new methods to drop devices face down from one meter, such that the cover glass directly contacted a rough surface to make new developments with Gorilla Glass 4, said Corning.

Gorilla Glass 4 is manufactured using Corning's proprietary fusion draw process. Over 40 manufacturers have designed Gorilla Glass into a total of 1,395 product models, the company added.

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Jahreszahlen kamen gestern; leider ist der Kurs schon weit vorausgelaufen

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nachgekauft

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Antwort auf Beitrag Nr.: 49.349.393 von R-BgO am 17.03.15 11:27:59

aufgestockt

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Corning announces collaboration with OLEDWorks

Press release, April 14; Alex Wolfgram, DIGITIMES [Tuesday 14 April 2015]

Corning has announced a collaborative agreement with OLEDWorks to develop flexible and conformable OLED lighting solutions using Corning Willow Glass as an integrated substrate.

These lighting panels will be used in architectural lighting and luminaries and are expected to provide two times the light output of traditional OLED lighting panels, enabling increased efficiency and lower power consumption.

A key component in these new lighting solutions is Willow Glass, a thin and flexible hermetic barrier and substrate. Willow Glass helps protect sensitive internal components from damaging moisture and oxygen while also acting as a structural material, Corning said.

"Through this strategic alliance, the team will significantly improve energy efficiency by creatively integrating Corning's light extraction technology with OLEDWorks' formulation science and inventive manufacturing processes. Using Corning Willow Glass in our near-term product roadmap expands our OLED lighting portfolio to provide highly flexible and adaptive design statements for a wider variety of lighting applications," said David DeJoy, CEO of OLEDWorks.

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Corning reports strong profit for 1Q15

Rodney Chan, DIGITIMES, Taipei [Wednesday 29 April 2015]


Corning has reported first-quarter 2015 net sales reached US$2.27 billion, down 1% on a year-over-year basis, while net income rose 35% to UST407 million.

Corning said sequential LCD glass price declines continued at moderate levels in the first quarter, and it expects prices to decline even less in the second quarter.

"We are off to an excellent start in 2015," Wendell P Weeks, chairman, CEO and president of Corning, was cited as saying in a company statement. "In the first quarter, we benefited from the company's business diversity with core sales growing in four of five segments.

"Our Optical Communications segment had a terrific quarter as demand for fiber-to-the-home solutions and data center products remained strong. In our Display Technologies segment, moderate LCD glass price declines and a relentless focus on cost reductions have helped us maintain profitability. Finally, our latest generation of Gorilla Glass is a hit with customers, and its success is helping to drive operational results."

Weeks said, "We believe we are on track for another year of core earnings growth."

Display Technologies segment core sales were US$972 million (non-GAAP), up slightly from last year's first quarter. Total LCD glass volume grew at a high-teen percentage on a year-over-year basis, Corning said.

Sales in Corning's Specialty Materials segment were US$272 million, a 4% increase from last year's first-quarter results. Gorilla Glass volume was up more than 20%, driven by increasing demand for Gorilla Glass 4 cover glass.

In the second quarter, Corning expects its LCD glass volume to increase by a low single-digit percentage sequentially.

Specialty Materials segment sales in the second quarter are expected to decrease by a mid-single digit percentage on a year-over-year basis, driven by declines in advanced optics product sales. Gorilla Glass sales are expected to remain strong.

[sirmike [Blogger]]

Barclays Reaffirms “Top Pick” Rating for Corning

(QUELLE) - Corning (NYSE:GLW)‘s stock had its “top pick” rating reaffirmed by research analysts at Barclays in a report released on Monday. They currently have a $26.00 price objective on the stock. Barclays’ price objective suggests a potential upside of 21.27% from the stock’s previous close.

The analysts wrote, “Despite the mild sell-off post earnings, we still like GLW as our top pick. Long-term growth prospects are as encouraging as they have been in recent quarters. The quarter and guidance were essentially in line with our expectations so we would attribute the underperformance to the unchanged, though still positive, commentary on the glass market.”

Other equities research analysts have also recently issued reports about the stock. Analysts at HSBC downgraded shares of Corning from a “buy” rating to a “hold” rating in a research note on Thursday. Analysts at Credit Agricole downgraded shares of Corning from an “underperform” rating to a “sell” rating in a research note on Wednesday, April 29th. Analysts at CLSA downgraded shares of Corning from an “underperform” rating to a “sell” rating and set a $20.00 price target on the stock in a research note on Wednesday, April 29th. Finally, analysts at Vetr upgraded shares of Corning from a “buy” rating to a “strong-buy” rating and set a $25.52 price target on the stock in a research note on Tuesday, April 28th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $25.04.

[sirmike [Blogger]]

Corning Represents A Growth-Oriented Value Investment

(Quelle: SeekingAlpha) Corning has the best of both value and growth worlds.

They're a leader in releasing high-quality penetrative technologies.
Their history is one of strategic business growth partnered with strong cash flows.
I would like to discuss the current dynamic behind Corning Inc. (NYSE:GLW) and the upside it represents for investors. It's arguably a "growth" company, with a high beta and growth-like trading patterns, but factors like debt reconstruction, increasing dividends and strong financials are more synonymous with value companies.

The diversified technology company has stayed strong through hard times with an increasing price of raw materials, global competition and demand headwinds due to global economic uncertainty. The same cannot be said about its stock price, which leaves the individual investor in an interesting position.

Investment Thesis

GLW is, as I mentioned, a diversified technology company. They've recently acquired iBwave Solutions, Inc. and Samsung's' Fiber Optics business line, and partnered with OLED Works and BMW, successfully building their operations and asset portfolio. Their latest investment was an LCD factory in China, which enabled localized service to Chinese customers. However, the time tested competitive advantage that GLW has prided itself on isn't acquisitions, it's releasing cutting edge technology.

Throughout the years, GLW has successfully introduced quality products at the cusp of the introduction of a penetrative technology to the market, meaning they are able to see where a market is going and be the leaders in developing that new product. One such example is GLWs Gorilla Glass, which has been able to adapt to the dynamic glass market time and time again. For years, the durability and quality of Gorilla Glass remained untouched. However, one of the main headwinds GLW is currently facing is competition brought on by firms that caught up to the technology behind Gorilla Glass, namely in the mobile tech market. I argue that at this point, GLW will do what it does best and move on to developing a new technology, and there's proof that it already has.

Display Technology Segment

After four re-releases of Gorilla Glass, each one more impact resistant, cost effective and high-quality than the last, competitors have entered the arena. Where Corning had almost total access to contracts with large corporations to produce glass for mobile devices and other consumer electronics, there is now a highly competitive marketplace that leads to price competition and lower sales prices for GLW. It should be mentioned at this point that GLW's last reported quarterly sales clocked in at an all-time high with near record margins, so it may not be as bad as analysts expect.

In his most recent address to shareholders, CEO Wendell Weeks noted that Gorilla Glass Automotive has a new opportunity in the automotive market, as evidenced by the BMW contract. This glass is one-third the weight and 25% thinner than conventional windshields, while maintaining quality and safety standards. For consumers, this move will provide better fuel economy. For producers, it will provide an added selling point, and for GLW, this move represents continued excellence in penetrative technology.

GLW is ahead of the curve in this segment - that has been established. But by how far? The article included below argues by three years. As noted in the following Bloomberg article, GLWs Willow material is made to provide flexible glass to fit a flexible phone when mobile tech reaches that point. Until then, they expect to see an increase in sales sometime this year.

GLW used to have sole access to corporate demand for smartphone glass, and supplied that demand with Gorilla Glass. There's bound to be a threat of substitutes in any market, but what GLW has done to address that is impressive to say the least. They've expanded the capabilities of Gorilla Glass to include Automotive, TV-entertainment, LCD and flexible glass applications. In so doing, they have successfully expanded the number of clients they service and should see an appropriate increase in sales. This thought is confirmed, if nothing else than in the short term, by pulling in the most sales per quarter in their MRQ earnings call.

Most Recent Earnings

("Core" refers to non-GAAP metrics excluding yen/USD rate, as GLW has implemented a swap hedge on the currency):

- 4% yoy increase in total core sales
- 21% core EPS increase over 1Q2014
- Lower than expected product price declines (expected to continue below forecasts)
- Core gross margin was 44%, up 1% from 1Q2014

Display Technologies saw a 4% yoy increase in core earnings due to high growth in LCD glass volume and cost reductions.

Optical Communications saw an 85% increase in core earnings from 1Q 2014 due to the acquisition of TR Manufacturing and increases in carrier and enterprise network sales.

Environmental Technologies saw a 12% increase in core earnings since 1Q 2014 due to the higher margins associated with products in this line and higher North American volume.

Specialty Materials saw a 44% increase in core earnings since 1Q2014 due to explosive demand for Gorilla Glass 4.

Life Sciences saw a 14% decline in core equity earnings since 1Q2014 due to lack of demand.

CFO James Flaws cited increases in optical communications and environmental technologies as growth drivers in 2Q 2015, and that acquisitions should drive growth in every segment except specialty materials and life sciences. This decrease should be due to lower sales in advanced optics and the impact of currency conversions.

Valuation

In order to value GWL, I used a typical DDM and condensed DCF. This is because GLW has held a steady and sizable dividend and its ability to produce cash flows is almost astounding.

Assumptions - DDM Growth Rates

F2015 F2016 F2017 F2018 F2019
Revenue 17.10% 11.90% 10.50% 12.30% 15.20%
Cost of Rev
(% of Rev)
57.00% 57.60% 57.60% 57.60% 57.50%
Total Operating
Expenses
15.90% 7.40% 6.50% 9.60% 9.80%
Operating Income 25.70% 13.50% 14.30% 14.50% 20.60%
Net Interest Income 3.40% 10.70% 25.30% 22.00% 15.40%
NIBT 20.60% 22.60% 23.70% 24.40% 22.80%
Net Income 13.20% 7.50% 16.10% 13.80% 15.40%
Payout Ratio -4.80% 24.20% 1.20% 0.00% 5.20%
WACC .105 .110 .115 .115 .115
LT Growth .035
Price $26.35

I arrived at a base case price of $26.35. Below is some supplemental information that helps in understanding some of these assumptions:

The long-term growth rate of 3.5% is appropriate for two reasons: 1) GLW has value in the making, but in its current stage, it is arguably a growth company, which lends itself to a higher growth rate and 2) GLW has consistently outperformed GDP by around 1%, and I expect it to continue to do so due to the higher margins associated with penetrative technologies.

The revenue growth in F2015 is higher than one might expect because the years preceding this number had a high deviation and guidance from CEO Weeks has been taken into account. If you analyze GLWs past yoy growth rates, 17.1% isn't unreasonable.

Net interest income increases rapidly in the later years because GLW reconstructed their debt structure over the last two years and has accordingly experienced increasing interest income and decreasing interest expenses, which are expected to continue.

I factored in an expected rate hike later in 2015 to the WACC number as well as forecasted incremental hikes thereafter.

Assumptions - DCF Growth Rates

F2015 F2016 F2017 F2018 F2019
Operating Cash Floww
14.70% 11.10% 10.70% 11.50% 13.00%
Capital Spending 12.30% 13.00% 8.20% 15.90% 16.20%
FCF -31.90% 10.50% 11.40% 10.20% 12.00%
WACC .105 .110 .115 .115 .115
LT Growth .035
Price $34.79

I arrived at a base case price of $34.79. Below is some supplemental information that helps in understanding some of these assumptions:

This figure may seem high, but GLW's ability to generate cash is, as I said, astounding. Their average yoy FCF growth rate from 2005-2014 was 9.8%. From 2010-2014, it was 19.3%. I expect this trend to continue because cash flows don't disappear as a company matures. If anything, they may increase more so.

GLW's OCF also has a high deviation. This is probably due to their acquisitions and liquidations of long-term assets. I used CAGRs in this model because they are generally more conservative than yoy rates, but the average yoy OCF growth 2005-2014 was 14.7%.

Relative Valuation

When compared to its peers, GLW stacks up fairly well. I've included the P/CF, 1-year Sales Growth Rate, 3-year Dividend Growth Rate, Net Profit Margin, ROA and Quick Ratio. These metrics illustrate how GLW has both growth and value qualities, and is a top performer among its competitors.

Value metrics: Its P/CF multiple is 6.93, which is the second lowest out of 6 competitors (the lowest multiple is 5.71 held by Flextronics (NASDAQ:FLEX). The Net Profit Margin is 26.60, which is the highest among its peers Amphenol (NYSE:APH) was in second with 13.59). The Quick Ratio is 4.17, which is the highest of its competitors (second highest is Kyocera (NYSE:KYO) with 3.10).

In short, GLW has the metrics of a value company. It's undervalued, able to make money, and is the most liquid of its competitors. From a value standpoint, GLW proves to be a good investment.

Growth metrics: The 1-year Sales Growth Rate is 16.84, which is the highest of the 6 competitors (coming in second was APH with 13.50). The 3-year Dividend Growth Rate is 32.20, which is the second highest of its 6 peers (4 have been paying dividends for 3-plus years; APH had 146.60). GLW's ROA is 8.76 (in the median of its competitors with a high of APH: 11.12 and low of KYO: 4.43).

Even though GLW has value, these metrics prove that there is growth to drive capital appreciation. Sharply increasing sales and dividends while effectively drawing returns off of assets proves that GLW's growth phase is not yet over.

I attribute this double-sided investment to two things: GLW's ability to generate cash and a stellar management team. Seeing as cash flows have already been touched upon, I'll briefly go into management. CEO Wendell Weeks has been with the company for 30 years, spending 15 in management. He's used this time to develop a deep understanding of a few key lines of business. This experience culminated with him helping bring the company back to profitability after the telecom crash in 2002. CFO James Flaws has been with the company for 42 years, spending 18 in management. He has an engineering background which helped him rise through the ranks, lead numerous teams to success, and lead different developments in GLW subsidiaries. Innovation Officer Marty Curran manages a portfolio of projects that are centered around profitability and innovation. It should be noted that this is a board position, which only adds to GLW's reputation in innovation and penetrative technologies. It operates across all segments, and given his 31 years with the company and extensive experience on different management teams in different areas of the world, he is the right person to manage it. It is with this aggregate experience and expertise that GLW manages to grow and retain value.

At this stage, GLW represents a unique play. It has the value that some look for and the growth that others look for in one investment. As the company matures, it will turn into a value investment, but at this stage, there's too much growth left to be had to ignore it until then.

Conclusion

Based off of these assumptions and weighting the more conservative DDM at 70% value, I forecast a theoretical price of $28.88, which represents a 47% upside potential. As the forecast predicts, this is five years out, which brings me to my last point: market timing. Buffett believes that investors should buy good companies with little regard to macroeconomic conditions, and I agree. Yes there is turmoil abroad (thanks Greece), but GLW is a grade A value investment with staying power.

Their ability to generate cash, remain a leading producer of penetrative technologies, and strategically expand their asset and customer base solidifies GLW's place in the global market as a leader in diversified technology products and services.

[sirmike [Blogger]]

Quelle: zacks.com


Corning 2Q Earnings Beat Estimates, FX Concerns Remain

Corning (GLW - Analyst Report) reported second-quarter core earnings of 38 cents, ahead of the Zacks Consensus Estimate of 37 cents. The Optical segment was the high point of the quarter, benefiting from stronger demand and recent acquisitions.

Revenue
Reported revenue of $2.34 billion, grew 3.4% sequentially, dropped 5.6% year over year and was 8.3% below the Zacks Consensus Estimate of $2.56. Core revenues were higher at $2.52 billion but stilled the Zacks Consensus Estimate.

The Display Technologies segment generated around 34% of total revenue. Segment revenue was down 18.8% sequentially and 20.1% year over year. LCD glass volumes increased at a low single-digit percentage rate from last year, so was not enough to offset the impact of expected glass price declines.

Optical Communications (34% of revenue) grew 14.8% sequentially and 16.6% from the year-ago quarter, in line with expectations. The results were driven by continued strength in FTTH sales in North America as well as the contribution from recent acquisitions.

The Environmental Technologies segment generated around 11% of revenue, down 7.8% sequentially and 8.8% year over year, worse than expected. This was mainly on account of unfavorable currency impact that management mentioned on the last earnings call.

Specialty Materials generated 12% of revenue, flat sequentially and 8.7% year over year, slightly worse than expected. Gorilla Glass volumes grew at a mid-teens percentage rate but, similar to last quarter, the strength was partially offset by weakness in advanced optics.

The Life Sciences business accounted for around 9% of revenue. The business was up 7.1% sequentially but down 5.4% from a year ago, impacted by curency.

Margins
The gross margin was 47.8%, up 61 bps sequentially and 622 bps from last year.

The operating expenses of $552 million were up 4.2% sequentially and 6.4% year over year. R&D was down as a percentage of sales from both previous and year-ago quarters. SG&A increased 20 bps sequentially and 191 bps from last year. The net result was an operating margin of 24.2%, which expanded 45 bps sequentially and 357 bps from the year-ago quarter.

Net Income
Corning’s core net earnings were $522 million, or 22.3% of sales compared to $484 million or 21.4% in the previous quarter and $487 million, or 20.8% in the year-ago quarter. Net income on a GAAP basis was $496 million ($0.36 a share) compared to $407 million ($0.29) in the previous quarter and $169 million ($0.12 a share) in the Jun quarter of 2014.

Balance Sheet and Cash Flow
Inventories were up 4.1% during the quarter, with inventory turns going from 3.6X to 3.5X. DSOs are flat at around 60. Corning ended the quarter with $5.47 billion in cash and short term investments, up $406 million during the quarter. However, the company has a huge debt balance. Including long term liabilities and short term debt, the net debt position was $1.44 billion at the end of the quarter, which increased from the net debt balance of $1.10 billion at the beginning of the quarter.

Cash generated from operations was $547 million, with the main uses of cash being $308 million on capex, $286 million on acquisitions, $616 million on share repurchases and $173 million on dividends.

Guidance
Third quarter glass volumes are expected to increase in the low single-digit percentage rate with price declines remaining moderate. Optical Communications sales are expected to grow at a mid-teens percentage rate year over year due to continued strength in FTTH and data center, Environmental to be down slightly impacted by a weaker euro and Specialty Materials to decline at a high single-digits percentage due to a cyclical slowdown in the semiconductor industry (GG volumes will be up high single digits sequentially and flat year over year).

Recommendation
Corning’s second-quarter earnings were ahead of expectations, but all except the optical communications business did worse than expected. As a result, shares slid lower as soon as the markets opened.

Currency remains a major headwind, accounting for the below-expectations performance in three of the segments. Corning has hedge contracts in place that partially protect its results. Management has said that 100% of 2015 earnings, 80% of 2016 earnings and 70% of 2017 earnings have been hedged under the new program.
The company is also returning cash to investors both as share repurchases and dividends, increasing the dividend by 20% last December and authorizing a new share repurchase program of $2 billion last week.

[R-BgO]

Schott optimistic about thin glass demand in the semiconductor industry

Rebecca Kuo, Taipei; Alex Wolfgram, DIGITIMES [Wednesday 2 September 2015]

Schott is optimistic about the roll that thin glass products will play in the market, particularly in the semiconductor industry where thin glass substrate demand is on the rise, according to the company speaking at Semicon Taiwan 2015.

The company also has high hopes for the glass used in smartphones for fingerprint recognition sensors in addition to being used for replacing sapphire for various components. Schott also believes thin glass will pave the way for applications in new micro batteries that require low production costs and can withstand high production temperatures.

The maker has already begun mass production of 0.145mm and 0.2mm products and also produces specialized 0.025mm products.

[SmartCap]

quelle yahoo finance

Market Cap (intraday)5: 21.74B
Enterprise Value (Oct 6, 2015)3: 19.45B
Trailing P/E (ttm, intraday): 8.81
Forward P/E (fye Dec 31, 2016)1: 11.84
PEG Ratio (5 yr expected)1: 7.75
Price/Sales (ttm): 2.26
Price/Book (mrq): 1.16
Enterprise Value/Revenue (ttm)3: 2.04
Enterprise Value/EBITDA (ttm)6: 6.37

der kapitalmarkt scheint für 2016 rückläufige gewinne zu erwarten. Warum ?

[sirmike [Blogger]]

Artikel auf iNTELLiGENT iNVESTiEREN...


Corning ist glasklar ein Investment wert

Corning Inc. ist weltweiter Marktführer in der Herstellung von Spezialgläsern und Keramik - und eigentlich eine Holding, die 5 Geschäftsbereiche unter ihren Fittichen hat. Denn obwohl alle mit Glas und seiner Nutzung zu tun haben, sind sie doch ziemlich eigenständig und bergen nur bedingt Synergien.

Am bekanntesten und zuletzt immer häufiger in den Medien ist der Bereich Spezialmaterialien, der das berühmte "Gorilla Glas" fertigt, das so viele Smartphones und Tablets von Herstellern wie Apple oder Samsung ziert. Denn Gorilla Glas ist extrem kratzfest, berührungsempfindlich, stromsparend und wenig reflektierend – kurz gesagt, es ist das Produkt von Corning, das wir alle tagtäglich antatschen, oft mehrmals in der Minute. Corning liefert die Touchscreens unseres iPhones, unseres Nexus-Tablets und vieler anderer Geräte, die über Gesten und Berührungen gesteuert werden.

Doch auch wenn diese Sparte die meiste Phantasie birgt, ist sie doch nur ein Bereich unter vielen im Corning-Universum. Denn neben den Spezialmaterialien gibt es noch die vier weiteren Geschäftsbereiche Anzeigentechnologien, Umwelttechnologien, Optische Kommunikation und Biowissenschaften.

In der Sparte Umwelttechnologien produziert Corning Keramiksubstrate und Filterprodukte zur Emissionskontrolle in mobilen und stationären Anwendungen weltweit, also in Generatoren, Antrieben, Autokatalysatoren.

Die im Bereich Biowissenschaften zusammengefassten Produkte umfassen allgemeine Laborprodukte und Geräte sowie Spezialoberflächen, die in der Arzneimittelforschung, Mikrobiologie und Chemie zum Einsatz kommen. Hier hatte man kürzlich erst das Röhrenglasgeschäft des deutschen Verpackungsspezialisten Gerresheimer übernommen.

Die Sparte Optische Kommunikation könnte man vereinfacht als Glasfaserkabelsparte bezeichnen, denn hier geht es um das schnelle Internet, das Rückgrat der immer höheren Bandbreiten, die die neuen Smartphones, Tablets, Video-on-Demand-Anbieter verlangen, um den Kunden immer bessere und ruckelfreie Kommunikation und Entertainment anbieten zu können.

Und bei den Anzeigentechnologien geht es vor allem um Glassubstrate, die in LCD-Fernsehern, Notebooks und Flachbildschirmen zum Einsatz kommen.

Glas ist der Werkstoff der Zukunft(stechnologien)
Während die ersten beiden Sparten für solide, langweilige Geschäftsbereiche mit etablierten Geschäftsfeldern, Umsätzen und Erträgen stehen, spielt in den drei anderen die Zukunftsmusik. Der schleichende Tod der Computermaus und der Tastatur durch den Siegeszug der Touchscreens führt dazu, dass immer mehr Bereiche unseres Lebens mit „intelligentem“ Glas überzogen werden (müssen), ob es Fernseher sind oder die Bedienungselemente in unseren Autos – hier ging Corning jüngst eine Kooperation mit BMW ein, um das neuste Cornings-Glas im Elektroauto i8 einzusetzen. Die normalen Glasfenster werden so zu berührungsempfindlichen Steuerelementen und zu Anzeigekomponenten für technische Einblendungen und Informationsdarstellung.

Doch gerade im Bereich von Gorilla Glas stand Corning vor einer großen Herausforderung. Denn Apple hatte sich auf eine andere Technologie versteift, wollte für seine Geräte Saphir-Glas einsetzen, und hatte sich mit Milliardenaufwand an einer eigenen Fertigung versucht. Und ist gescheitert. Denn die Hoffnungen, die man mit Saphir-Glas verband, konnten nicht erfüllt werden. Zu schwer, zu splitteranfällig, zu energieintensiv. Und während Apples größter Konkurrent (und gleichzeitig wichtigster Zulieferer) Samsung sich mit 10% an Corning beteiligte und Gorilla Glas in seinen Geräten einsetzt, hatte die Apple-Abkehr für empfindliche Kurseinbrüche bei Corning gesorgt. Notgedrungen musste Apple wieder auf Gorilla Glas zurückgreifen für seine iPhones und iPads.

Project Phire
Corning ist schlau genug, sich nicht auf alten Erfolgen auszuruhen. Vielmehr hat man diesen deutlichen Wink mit dem Zaunpfahl verstanden und fleißig an einer Verbesserung von Gorilla Glas gearbeitet. Und diese sind so gravierend, dass das neue Produkt gleich einen neuen Namen bekommt: Project Phire. Dieses neue Glas vereint die Bruchfestigkeit von Gorilla Glas mit der Kratzfestigkeit von Saphir-Glas und bietet weitere Vorteile, weil es leichter ist, noch weniger Energie verbraucht und weil Sonneneinstrahlung nach besser kompensiert werden kann, so dass die Endgeräte sich noch besser für den Einsatz im Freien eignen, kratz- uns bruchsicherer sein werden und längere Akkulaufzeiten versprechen. Allein aufgrund des verwendeten Materials für das Display bzw. die Touchscreens.

Unternehmen der verschiedenen Geschwindigkeiten
Wie man an den unterschiedlichen Sparten sehen kann, ist Corning ein Unternehmen der verschiedenen Geschwindigkeiten. Einerseits gibt es etablierte Geschäftsbereiche mit wenig Wachstum und gefestigten Erlösen und hinsichtlich seines Silikon-Joint-Ventures mit dem Chemie-Giganten Dow Chemical hatte Corning bereits die Absicht geäußert, seine Anteile an den Partner abgeben zu wollen und Dow hat seinerseits nun Interesse bekundet. Und dann gibt es jene Bereiche, die schnell wachsen sowie höhere Investitionen in neue Produkte erfordern - und die hohe Gewinne für die Zukunft versprechen.

Versteckte Werte heben

Star-Invstor Carl Icahn, Icahn Enterprises
An dieser Stelle wird es spannend, denn Gerüchten zufolge ist genau diese Konstellation der Gurnd, weshalb Corning ins Visier „aktivistischer Investoren“ geraten ist. Kein Geringerer als Starinvestor Carl Icahn soll sich bei Corning zur Zeit einkaufen und was dann folgen wird, kann man sich in bunten Farben ausmalen. Denn Icahn ist ein aktiver, konfliktfreudiger Investor, der sich bevorzugt in Unternehmen einkauft und einmischt, bei denen er versteckte Werte vermutet. So kaufte er nach dem großen Einbruch bei Apple einen Milliardenanteil zusammen und setzte Apple-CEO Tim Cook auch öffentlich dermaßen unter Druck, dass Apple die Dividenden deutlich erhöhte und seine Aktienrückkäufe massiv ausweitete. Bei Ebay sorgte Icahn dafür, dass der Online-Bezahldienst PayPal abgespalten und als separates Unternehmen an die Börse gebracht wurde - die jüngst präsentierten Quartalszahlen belegen, dass es beiden seit der Trennung hervorragend geht. Und bei Corning findet sich ebenfalls eine Mischung aus unterschiedlichen Geschäftsfeldern, die sich getrennt wohl deutlich besser entwickeln könnten als unter einem gemeinsamen Dach. Wer in die wachsenden Zukunftsbereiche investieren will, der muss heute auch den Medizin- und Umweltbereich mit kaufen.

Ob es nun Icahn ist oder ein anderer der vielen aktivistischen Investoren, unter dem Strich bahnt sich bei Corning eine Entwicklung an, die die Werte der einzelnen Geschäftsbereiche zum Vorschein bringen könnte. Dabei bin ich nicht per se ein Freund von Einmischungen seitens der Aktionäre, denn das Unternehmen gut zu führen, ist zuvorderst Aufgabe des Managements, nicht des Aufsichtsrats und auch nicht der Aktionäre. Allerdings kann eine solche Einmischung dem Management dabei helfen, verkrustete Strukturen aufzubrechen und notwendige Veränderungsprozesse anzugehen, die ohne einen starken äußeren Impuls vielleicht am „bürokratischen Widerstand“ innerhalb des Unternehmens gar nicht realisierbar wären.

Quartalszahlen, mehr Dividende und stärkere Aktienrückkäufe
Bis es soweit ist, hat das Unternehmen auch heute schon operativ einiges zu bieten, auch wenn die Zahlen zum 3. Quartal unter denen des Vorjahres lagen. Der Nettoumsatz fiel gegenüber dem Vorjahreswert von 2,54 Mrd. USD auf 2,27 Mrd. USD und der Nettogewinn sogar von 1,01 Mrd. USD auf 188 Mio. USD bzw. 0,15 USD je Aktie (0,72 USD). Unter Ausblendung von Sondereffekten blieben Corning 0,34 USD je Aktie nach 0,37 USD im Vorjahr.

Ein größeres Augenmerk richtet sich allerdings auf die begleitenden Aussagen des Managements. Bis 2019 will man 20 Mrd. USD investieren, darunter10 Mrd. USD in Dividendenzahlungen und Aktienrückkäufe. Dazu weitet man das bestehende Aktienrückkaufprogramm um weitere 4 Mrd. USD aus und bereits im aktuellen vierten Quartal soll es beschleunigt und für 1,25 Mrd. USD eigene Aktien erworben werden. Weitere 10 Mrd. USD werden in den Ausbau des Geschäfts fließen, um Cornings führende Marktposition zu erhalten und auszubauen.

Cornings Quartalsdividende wird zum vierten Mal 0,12 USD je Aktie betragen und am 11. Dezember überwiesen. Der Dividendenabschlag hierzu erfolgt am 10. November. Allerdings will das Unternehmen seine Dividende bis 2019 um jährlich jeweils 10% anheben.

Fazit
Ob nun durch äußere Einmischung oder durch eigenes Erkennen des Managements, wir Corning-Aktionäre können eigentlich von den Überlegungen nur profitieren und die möglichen Entwicklungen als Bonus betrachten bei einem attraktiv bewerteten Langfristinvestment mit interessanten Perspektiven.

Seitdem ich Corning Ende Juli auf meine Empfehlungsliste genommen habe, ist der Kurs im Zuge der Herbstkorrektur noch etwas weiter gefallen. Bei den jetzt aktuellen 16,50 EUR wird das Unternehmen mit einem 2016er GV von 11,8 und einer Dividendenrendite von 2,7% bewertet, was angesichts des soliden Cashflows und der positiven Aussichten geradezu unverschämt günstig erscheint.

[R-BgO]

Antwort auf Beitrag Nr.: 50.948.379 von sirmike am 28.10.15 08:39:18

yup, sie haben pflichtgemäß den war-on-equity erklärt...

und der Kurs hat's gedankt;

persönlich halte ich von so was gar nichts, bin Fan von Bilanzfestungen.



Anyway, operativ gibt es auch Neues:

Corning Lotus NXT Glass chosen for Samsung Display LTPS-OLED line
Press release, October 27; Alex Wolfgram, DIGITIMES [Wednesday 28 October 2015]

Corning has announced its Corning Lotus NXT Glass will be used in Samsung's line of LTPS, OLED panels, according to Corning.

Samsung Display selected Lotus NXT Glass as its backplane substrate because it enables higher-resolution, more energy-efficient displays, Corning said. Samsung Display produces LTPS-OLED panels for its customers who subsequently use them in high-resolution smart phones and tablets.

Samsung Display's LTPS-OLED panels using Lotus NXT Glass now power the Galaxy Note5, the newest product of Samsung Electronics.

Corning unveiled Lotus NXT Glass - its third-generation composition for high-performance displays - on June 1, 2015. It features total pitch variation - an integral element to panel performance that enables high resolutions and bright displays.

[R-BgO]

Antwort auf Beitrag Nr.: 50.786.388 von SmartCap am 06.10.15 16:19:45

keine Ahnung,

ist das wichtig?


mögliche Einflußfaktoren sind Währung, Hedges, equity earnings,...


wichtig ist m.E. doch eher
* gute Produkte
* gute Marktstellung
* Gewinne
* gute EK-Rendite
* solide Bilanz

dann wird gelten: kommt Zeit, kommt Kursgewinn

[SmartCap]

Antwort auf Beitrag Nr.: 50.950.227 von R-BgO am 28.10.15 11:10:38

wenn diese Daten zum Beispiel erhöhten Wettbewerbsdruck reflektieren würden, wäre das für meine Entscheidungsfindung sogar sehr wichtig. Die Yahoo finance Daten / Schätzungen sind nach meinen Erfahrungen/Infos oft sehr gut.

[R-BgO]

Corning to exclusively supply glass substrates for BOE 10.5G fab, says Corning Taiwan president

Rebecca Kuo, Taipei; Adam Hwang, DIGITIMES [Monday 21 December 2015]


As BOE Technology started constructing a 10.5G LCD panel fab in Hefei, northern China, in early December, Corning will set up a production base close to it to become its exclusive supplier of glass substrates, according to Daniel Tseng, president for Corning Display Technologies Taiwan.

The China-based BOE's 10.5G fab will have monthly production capacity of 90,000 substrates (3,370x2,940mm), and the 10.5G glass is 80.14% larger than a 8.5G one (2,500x2,200mm), Tseng said. The BOE fab will kick off production in second-quarter 2018, replacing Sharp's 10G fab as the world's largest panel line, Tseng noted.

Corning's production base near BOE's will have five furnaces and three back-end processing lines, with glass substrates to be delivered to the panel fab via an automated conveying corridor, Tseng indicated.

BOE is building the 10.5G fab to meet demand for large-size LCD TVs, Tseng said, adding it will mainly produce 65-, 75- and 85-inch TV panels, with the most economical cuts being eight 65-inch panels per susbtrate.

According to WitsView, global shipments of 65-inch and above TV panels will increase from 1.5 million units in 2014 to 6.8 million units in 2015 and further to 8.3 million units in 2016, with the corresponding proportion of total TV panel shipments to rise from 0.6% in 2014 to 2.5% in 2015 and 3.0% in 2016.

[R-BgO]

Corning Incorporated Announces Strategic Realignment of Interest in Dow Corning Corporation

CORNING, N.Y. | Corning Incorporated | December 11, 2015

Realignment delivers $4.8 billion in cash and continues Corning’s interest in Hemlock Semiconductor Group


Corning Incorporated (NYSE: GLW) today announced that it will exchange its 50% interest in Dow Corning Corporation for 100% of the stock of a newly formed entity that will become a wholly owned subsidiary of Corning Incorporated. The newly formed entity will hold approximately 40% ownership in Hemlock Semiconductor Group and approximately $4.8 billion in cash. Corning expects the realignment to be substantially tax-free.

Upon completion of the exchange, The Dow Chemical Company, an equal owner of Dow Corning with Corning since 1943, will assume 100% ownership of Dow Corning.

Wendell P. Weeks, chairman, chief executive officer and president, said, “We believe this strategic realignment will create significant value for our shareholders by further focusing our portfolio and increasing our financial strength.

“We are proud of Dow Corning’s success, and pleased that our 72-year partnership will continue through our ownership in Hemlock Semiconductor. Today, however, Dow Corning’s silicones business lies outside the technologies and manufacturing platforms core to our strategic framework.”

Hemlock Semiconductor, a leading provider of polycrystalline silicon used in the manufacturing of semiconductor and solar devices is currently 80.5% owned by Dow Corning. In 2015, Hemlock is expected to generate approximately $1 billion in sales and $160 million in earnings and contribute approximately $65 million in gross equity earnings to Corning. Upon completion of the strategic realignment, Hemlock will be 40.25% owned by Corning through the newly formed entity; 40.25% owned by Dow Corning Corporation; and 19.5% owned by Shin-Etsu Handotai Co. Ltd. Hemlock has approximately 1,000 employees.

R. Tony Tripeny, senior vice president and chief financial officer, said, “This exchange unlocks the value of Dow Corning. While we will no longer receive equity earnings or dividends from Dow Corning’s silicones business, we are confident that Hemlock and deployment of the new entity’s $4.8 billion will create significant value for our shareholders, including EPS accretion.”

The strategic realignment, approved by the boards of Corning and Dow Chemical, is expected to close during the first half of 2016. It is subject to customary closing conditions including regulatory approvals.

[R-BgO]

Antwort auf Beitrag Nr.: 50.964.444 von SmartCap am 29.10.15 19:52:29

Corning vs Competition

http://www.corning.com/content/dam/corning/media/worldwide/g…

[R-BgO]

Kurs kratzt

derzeit mal wieder an meiner Ausübungsschwelle (22$)

[sirmike [Blogger]]

Glasfaserkabel-Deal mit Verizon!


BRIEF-Verizon signs 3-year minimum purchase deal with Corning for fiber optic cable
Verizon Communications Inc:

* Verizon agrees to $1.05 billion three-year minimum purchase agreement with Corning for next-generation optical solutions

* Verizon - agreement calls for Corning to provide and Verizon to purchase up to 20 million kilometers of optical fiber each year from 2018 through 2020

* Verizon says Corning expects the capacity expansions to begin to come online in 2017 and become fully operational in 2018

http://www.reuters.com/article/brief-verizon-signs-3-year-mi…

[belliora]

Jedes bisschen Kursanstieg wird hier verkauft- trotz der Meldung-die Aktie ist wohl mehr als gut bewertet, wo soll da noch Potential herkommen?

[sirmike [Blogger]]

Corning: Der gläserne Riese!

▸ Kissigs Kolumne vom 16. Mai 2017, Aktien Magazin 13/2017

Die richtigen Aktien zu finden, ist ganz einfach. Zumindest im Nachhinein. Denn man sieht den Kursverlauf und kann sich noch sehr gut erinnern, dass man die Aktie ja eigentlich kaufen wollte. Und man weiß auch noch, weshalb. Auch dieses Verhaltensmuster kann man unter dem Stichwort „Confirmation Bias“ ablegen, dem Bestätigungsfehler. Wir neigen dazu, Informationen so zu interpretieren, dass sie zu unseren Erwartungen passen. Und steigt ein Aktienkurs an, denken wir oft, „ich hab’s ja gleich gewusst“. Weshalb wir die Aktie dann aber nicht gekauft haben, obwohl wir es ja wussten, das reduzieren wir dann auf einen kleine, unwichtige Fehleinschätzung. Auf etwas, das uns einmalig einen Strich durch die Rechnung gemacht hat und uns keinesfalls davon abhält, beim nächsten Mal bei der richtigen Aktie zum richtigen Zeitpunkt zuzugreifen.

Dummerweise passiert diese Situation Anlegern nicht nur einmal in ihrem Leben, sondern jeder dürfte sie schon mehrfach erlebt haben. Und da wir entgangene Gewinne sogar als schmerzhafter empfinden als Verluste, wäre es doch sinnvoll, sich einen Weg zu überlegen, dieses Verhaltensmuster aufzubrechen und es künftig besser zu machen.

Gut, dass wir bescheiden begabten Anleger nicht selbst auf die Lösung kommen müssen, denn wahre Börsenlegenden wie Warren Buffett oder Peter Lynch haben sich diese Gedanken bereits lange vor uns gemacht und Wege gefunden, damit umzugehen und zu besseren Investoren zu werden. Seien wir uns also nicht zu schade, sie einfach zu kopieren und ihrem Erfolgsweg zu folgen. Und wenn ich einfach sage, meine ich natürlich nicht einfach. Denn schon der große Goethe wusste, dass es nicht ausreicht, zu wissen, sondern man muss dieses Wissen auch anwenden.

»Value Investing ist simpel, aber nicht einfach.«
(Warren Buffett)

Peter Lynch rät, eine Branche zu finden, die auf absehbare Zeit wachsen wird und dann möglichst viele Aktien zu kaufen, die von dem Boom profitieren werden. Warren Buffett bevorzugt auch Branchen, wo in Zukunft Wachstum zu erwarten ist, fährt dann aber einen konzentrierten Ansatz. Anstatt breit gestreut Aktien einzusammeln, bevorzugt er das beste Unternehmen mit den größten Vorteilen und der besten Marktstellung zu finden und dann nur in dieses beste Unternehmen zu investieren. Er fragt, weshalb er das zweitbeste Unternehmen kaufen sollte, wenn er doch auch das Beste haben kann.

Ob man nun breit diversifiziert oder lieber konzentriert investieren möchte, haben beide Ansätze doch einen gemeinsamen Nenner: eine prosperierende Branche. Und mit einer solchen beschäftige ich mich heute: Glas. Und natürlich geht es nicht um das außergewöhnliche Glas, das vor Jahrhunderten im italienischen Merano zur Perfektion entwickelt wurde, sondern es geht um High-Tech-Anwendungen mit Spezialglas. > hier weiterlesen...

[sirmike [Blogger]]

Corning bietet Quartalszahlen mit Kater und Gorilla. Abgesang oder Kaufgelegenheit?

Der Glaspezialist Corning hat Zahlen zum zweiten Quartal vorgelegt und die Erwartungen übertroffen. Es folgte ein Kursabsturz um mehr als 6 Prozent. Denn die Befürchtungen wurden bestätigt. Und die Hoffnungen erfüllt.

Ich habe Corning ja schon etwas länger auf meiner Empfehlungsliste und erst neulich ausführlich das Geschäftsmodell mit seinen fünf Sparten vorgestellt ("Corning: Der gläserne Riese!"). Die Quartalszahlen lassen sich wie folgt zusammenfassen...

> hier weiterlesen

[R-BgO]

wenn ich 9M hochrechne, lande ich bei KGVe von etwa 22

[R-BgO]

Antwort auf Beitrag Nr.: 56.370.044 von R-BgO am 05.12.17 22:37:24

Corning to Acquire Substantially All of 3M’s Communication Markets Division

CORNING, N.Y. | Corning Incorporated | December 11, 2017

Strengthens global market reach and expands high-bandwidth portfolio


Corning Incorporated (NYSE: GLW) announced today that it has entered into agreements with 3M to purchase substantially all of 3M’s Communication Markets Division in a cash transaction valued at approximately $900 million. The acquisition is expected to close during 2018, subject to customary closing conditions and regulatory approval.

Corning’s Optical Communications segment will acquire approximately $400 million in annual sales of high bandwidth and optical fiber products. The effective enterprise value of the transaction is less than 7 times the Communication Markets Division’s estimated forward-annual adjusted EBITDA, including expected run-rate synergies. Corning expects the transaction to add $0.07-$0.09 to 2019 EPS.

“Corning leads in optical passive components and solutions. This transaction expands both our global market reach and our high-bandwidth portfolio. It also provides new co-innovation opportunities and enhances our ability to serve customers globally,” said Clark S. Kinlin, executive vice president, Corning Optical Communications. “As the industry’s only true end-to-end manufacturer and supplier of optical solutions, we look forward to bringing these two strong organizations together and welcoming a group of outstanding employees.”

The pending acquisition is part of Corning’s multi-year Strategy and Capital Allocation Framework, which is designed to create significant value for shareholders by focusing the company’s portfolio and utilizing its financial strength. A key component of the Framework is the company’s plan to invest approximately $1 billion to $3 billion in acquisitions. When complete, this acquisition will augment Corning’s Optical Communications global market access and expand its broad portfolio of high-bandwidth optical connectors, assemblies, hardware, and accessories for Carrier Networks, Enterprise LAN, and Data Center solutions.

3M’s Communication Markets Division is headquartered in Austin, Texas, and has a dedicated manufacturing facility in Pontchâteau, France, and operations in Hannover, Germany. The acquisition is subject to consultation or information requirements with relevant works councils, as well as customary closing conditions and regulatory approvals.

[sirmike [Blogger]]

Antwort auf Beitrag Nr.: 56.423.773 von R-BgO am 11.12.17 15:09:51

Das sind sehr gute Nachrichten für uns Corning-Aktionäre!

[sirmike [Blogger]]

Glasspezialist Corning mit attraktivem Zukauf von 3M-Glasfasersparte

Der Glasspezialist Corning kauft das Kommunikationsnetz-Geschäft vom Mischkonzern 3M. Die Sparte besteht vor allem aus Netzwerktechnik für Glasfaser- und Kupferkabelnetze und wird Corning rund 900 Mio. Dollar kosten. Der jährliche Umsatz der Sparte mit Produkten mit hoher Bandbreite und optischen Fasern, die dem Segment Optical Communications bei Corning zugeordnet wird, beläuft sich auf knapp 400 Mio. Dollar. Dem Verkauf müssen noch die Behörden zustimmen, so dass der Abschluss wird für das kommende Jahr erwartet...

> hier ganzen Artikel lesen

[sirmike [Blogger]]

Corning ist zurück in der Erfolgsspur. Und das Beste kommt erst noch...
Die Börse war wohl überrascht von den guten Quartalszahlen des Glasspezialisten und der Kurs machte einen Freudensprung. Dabei war das durchaus absehbar und wohl erst der Anfang...
http://www.intelligent-investieren.net/2018/08/corning-ist-z…

[sirmike [Blogger]]

Corning: Starke Zahlen, schwacher Kurs. Die beste aller Anlegerwelten?
Börse ist nicht (immer) rational. Corning legt Zahlen vor und übertrifft die Erwartungen, denn die Geschäfte laufen einfach rund. Der Kurs wird trotzdem abgestraft. Eine Chance...?
http://www.intelligent-investieren.net/2018/10/corning-stark…

[R-BgO]

Teilverkauf

[R-BgO]

Antwort auf Beitrag Nr.: 59.335.547 von R-BgO am 30.11.18 15:40:58

durch Ausübung eines geschriebenen Call

jetzt nur noch mit Erinnerungsstück

[pickuru]

William Chin discusses Corning Inc

https://www.bnnbloomberg.ca/video/william-chin-discusses-cor…

[raphel]

Corning hat Kompetenz in den Bereichen Spezialglas, Keramik und optische Physik.
Das müssten doch beste Vorraussetzungen für den 5G - Markt sein ??

[Michale]

Antwort auf Beitrag Nr.: 63.569.562 von raphel am 05.05.20 16:15:53

das denke ich auch, dass dies gut ist.

wie ist denn aktuell Deine Meinung dazu @SirMike? Schon lange nichts mehr dazu gehört.

[sirmike [Blogger]]

Antwort auf Beitrag Nr.: 63.573.069 von Michale am 05.05.20 20:53:27

Zitat von Michale: wie ist denn aktuell Deine Meinung dazu @SirMike? Schon lange nichts mehr dazu gehört.

Ich bin ja schon vor längerer Zeit bei Corning ausgestiegen und habe das Unternehmen daher nur noch so nebenbei auf dem Schirm. Was ich allerdings sehe, gefällt mir nicht wirklich. In Q1 ist der Umsatz ggü. Vorjahr um 16,1% gefallen, obwohl Corona ja nur 10 Tage einen Rolle gespielt hat. Q2 dürfte also viel schlimmer werden. Denn die Lieferketten für wichtige Kunden waren/sind unterbrochen und der Launch von Produktneuheiten wurden verschoben (z.B. Apple). Nur die kleinste der fünf Sparten (Life Scieneces) machte ein Umsatzplus (1%), alle anderen lagen teilweise zweistellig im Minus. Display Technologies ist seit Jahren ein Sorgenkind und verbrennt auch richtig Geld. Die Hoffnungssparte Speciality Materials, wo es um Gorilla Glas usw. geht, verlor am stärksten (-22%) Umsatz. Q2 wird hier keine Besserung bringen und eine starke Erholung sehe ich leider auch nicht. Corning hat seine Dividende bestätigt, aber setzt seine Aktienrückkäufe aus. Obwohl der Aktienkurs vergleichsweise niedrig ist. Eine Entscheidung, die ich überhaupt nicht nachvollziehen kann. Das hätte ich genau umgekehrt gemacht, um Shareholder Value zu schaffen.

Corning bietet viele Top-Technologien, die für die Zukunft wichtig sind und gefragt sein/bleiben werden. Aber sie kriegen schon länger die PS nicht (mehr) richtig auf die Straße und daher war die Aktie auf Fünfjahressicht ein deutlicher Underperformer. Und ich sehe kaum Impulse, weshalb sich das in absehbarer Zeit ändern könnte/sollte. Blickt man mal zurück, hat Corning beim EPS über fünf Jahre keine Fortschritte gemacht, obwohl man für zweistellige Milliardenbeträge Aktien zurückgekauft hat - was das EPS ja per se antreiben sollte wegen der geringeren Aktienzahl. Aber nix is. Ich hatte mir da viel mehr versprochen (vom Unternehmen und seinen Chancen) und bin letzten Herbst ziemlich ernüchtert ausgestiegen. Mit 65% Gewinn (inkl. Dividenden). Aber... der gesamte Kurszuwachs stammte aus dem starken Anstieg 2016 und ein bisschen aus 2017. Seitdem war es eine schwankende Seitwärtsbewegung - trotz der tollen Produkte und der hervorragenden Aussichten. Momentan notiert die Aktie deutlich tiefer als die rund €25 Ende September, aber ich finde sie heute noch unattraktiver als Investment. Da müsste sich im Unternehmen schon einiges zum Positiven drehen, dass Corning für mich wieder interessant würde. Ich kann ja stattdessen eine Microsoft kaufen oder Amazon oder Adobe oder Intuit. Da sind relativ sichere Kurszuwächse einzustreichen auf mittlere und lange Sicht. Bei Corning sehe ich die nicht. Nicht ohne tiefgreifende operative Verbesserungen.

[Michale]

Antwort auf Beitrag Nr.: 63.573.450 von sirmike am 05.05.20 21:22:15

Danke für Deine Einschätzung.

Meinen Daumen hast Du Dir verdient.

Bleibt alle gesund.

Michale

[pickuru]

Lorne Steinberg discusses Corning Inc

https://www.bnnbloomberg.ca/video/lorne-steinberg-discusses-…

[bochum1848]

19,50€

Um 50% gestiegen...seit Mai! Kann ja nicht so schlecht sein .....Langsam und stetig. Glasfaser wird gebraucht.

[Brinbaumer]

Ich habe diese Aktie seit 2003 im Depot. Warum ist sie so unbekannt?

[Brinbaumer]

5-Jahres-Hoch.... keiner merkt es...

[Brinbaumer]

Antwort auf Beitrag Nr.: 63.573.450 von sirmike am 05.05.20 21:22:15

Hab gerade etwas gestöbert. Interessant der ausführliche Bericht... aber seit Anfang Mai doch ein gewisser Wertzuwachs....

[pickuru]

Lorne Steinberg discusses Corning Inc

https://www.bnnbloomberg.ca/video/lorne-steinberg-discusses-…

[pickuru]

Gordon Reid discusses Corning Inc.

https://www.bnnbloomberg.ca/video/gordon-reid-discusses-corn…

[Optimax_23]

Hi zusammen,

gute Aussichten für Corning? Ausbruch nach oben aus der langjährigen Seitwärsbewegung? Ich meine ja, und bin hier vor ein paar Wochen mit einer ersten Position eingestiegen mit einem Anlagehorizont von > 10 Jahren. Eine erste Quartalsdividende hab ich auch schon erhalten. Ich hab hier nachstehend einige Überschriften der Meldungen in 2023 aufgelistet und freue mich über weitere Meinungen im Thread.

=> Corning Incorporated's (NYSE: GLW) Board of Directors today declared a quarterly dividend of $0.28 per share. The dividend will be payable on Sept. 28, 2023, to shareholders of record on Aug. 31, 2023.

=> Morgan Stanley analysts upgraded shares of Corning (NYSE:GLW) to Overweight from Equal-Weight, raising the price target on the stock to $38 from $35 in a note to clients Friday. The analysts told investors in a note that they believe the company's estimates and valuation are derisked. "We are upgrading GLW to OW, as we now see opportunity for positive estimate revisions over the next twelve months, setting up an attractive risk-reward," they wrote.

=> Corning Incorporated (GLW - Free Report) has inked a joint venture agreement with SGD Pharma to develop a new glass tubing facility in India. The collaboration is likely to expand pharmaceutical manufacturing capability in the subcontinent to facilitate faster and more efficient delivery of vital medicines

=> Display technologies company Corning (NYSE:GLW) said on Wednesday that is increasing the price of its display glass substrate by 20% to offset ongoing elevated costs. The price increase will impact all regions, compositions and glass Gen sizes beginning in Q3, the company said. The company said it expects growth in demand for display glass in H1.

[Optimax_23]

UBS hat Corning auf Neutral gestellt. Danke für die Nachkaufmöglichkeit

[Optimax_23]

Global glass manufacturing company Corning, which has an annual revenue of 20 trillion won (US$15.09 billion), is expanding its thin glass production hub in South Korea. Thin glass is gaining attention in the mobile industry as an essential component for foldable phones. This move is seen as a choice to support Samsung Electronics, which leads the global foldable market.

출처 : Businesskorea(https://www.businesskorea.co.kr)


https://www.businesskorea.co.kr/news/articleView.html?idxno=…