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Corning 2Q profit falls 17 percent, warns demand for LCD-TV glass is slowing
ROCHESTER, N.Y. (AP) ' Specialty glass maker Corning Inc. says its profit fell 17 percent in the second quarter although revenue rose 17 percent
But the company warned that retail demand for liquid-crystal-display TVs will likely slow in the second half of the year and lowered predictions for how much glass would be produced in 2011.
Its shares fell 29 cents, or 1.7 percent, to $17 in premarket trading.
The world's largest maker of liquid-crystal-display glass said Wednesday its net income fell to $755 million, or 47 cents per share, in the April-June period. That's down from $913 million, or 58 cents, a year earlier.
Excluding special items, earnings were 48 cents a share. That was a penny above Wall Street expectations.
It says revenue jumped 17 percent to $2 billion from $1.71 billion. Analysts expected $1.98 billion.