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Falling LCD-TV sales hurt Corning: CFO

Corning Inc., which makes glass used in LCD televisions and smartphones, reported lower second quarter profit on a year-over-year basis. It also lowered its forecast for the glass market, warning that demand for LCD televisions will be weaker than expected the rest of this year.

Chairman and CFO Jim Flaws tells BNN Corning is feeling the effects of lower production levels by the major television makers.

“All of the major brands have cut their forecasts for the year. And therefore that’s going to show up in less production,” he says, adding the industry is trying to carry less inventory than last year.

“The inventory shift is definitely going to harm the second half of the year,” Flaws says. CTV Two CTV News CTV News Channel BNN - Business News Network CP24