Samsung Corning Precision posted a decline in Q2 net...
Samsung Corning Precision posted a decline in Q2 net income to $224 million from $402 million a year earlier as prices fell in the “mid-teens” percent on “relatively consistent” volume, Corning said in a 10-Q. Price declines for Corning’s own…
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LCD glass have been in the 2-3 percent range in recent quarters (CED July 31 p2). The LCD glass joint venture’s Q2 net sales fell to $592 million from $785 million a year earlier and Corning’s equity earnings from the joint venture narrowed to $111 million from $193 million. The equity earnings were “negatively impacted” by $14 million due to higher taxes as a result of a partial expiration of a tax holiday in South Korea, Corning said. Samsung Display is among the joint venture’s largest customers, analysts have said. Corning’s royalty income from the joint venture fell to $14 million from $21 million a year ago, while the company’s transfer of machinery and equipment to it slipped to $7 million from $16 million, Corning said. Corning is spending $1.3 billion on capital projects this year, including $457 million for the display business, $82 million of which is tied to programs started in 2011 and 2012, Corning said. Corning’s specialty materials Q2 net income, which includes its Gorilla Glass, improved to $58 million from $34 million as revenue grew to $301 million from $296 million.