Corning Inc. reported first quarter earning beating analysts expectation by 3 cents( 47 cents actual versus 44 estimated). First quarter revenue rose 23% to $1.92 billion. Gross margin fell from 47% to 45%. The reported profit was $748 million. The profit fell primarily because of an increase in the company's tax rate to 13 percent from 3 percent a year earlier. The company’s CEO Jim Flaws said that the company expects glass volumes in the second quarter to be flat with Q1 overall, with volumes down in the low-to-mid teen range sequentially. Flaws said the company sees a “significant increase in LCD glass demand” in Q3 as Sharp resumes LCD production and the global supply chain prepares for the seasonally strong fourth quarter. Revenue from Corning's display technologies segment, its biggest business, edged up 1 percent to $790 million, with LCD glass volume rising 5 percent as predicted.
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