U.S. firm Corning Inc., top maker of the glass fibres at the heart of optical networks, said it must close more plants and cut more jobs on expectations of a weak fourth quarter.
The company's Q4 warning came even as it beat Street expectations with its third quarter results. Excluding one-time items, Corning posted a loss of six cents a share, compared to the consensus analyst forecast for a loss of eight cents. In last year's Q3, the comparable loss was nine cents a share.
Including all charges, the company posted a net loss of $260 million, or 25 cents a share, compared to $220 million, or 24 cents a share, in last year's Q3 (all figures in U.S. dollars).
For the fourth quarter Corning expects a loss excluding one-time items of eight to 12 cents per share. Analysts expected six cents, on average.
Q4 revenues are pegged at $775 million to $825 million, also short of the analyst estimate of $845.9 million.
Plans to close plants in Australia, Germany and Concord, N.C. will incur Q4 restructuring charges of $550 million to $650 million. The closures will cost another 2,200 jobs in addition to the 4,600 jobs cut earlier this year. Corning said it will reopen the Concord plant when market conditions improve.
The company's Q4 warning came even as it beat Street expectations with its third quarter results. Excluding one-time items, Corning posted a loss of six cents a share, compared to the consensus analyst forecast for a loss of eight cents. In last year's Q3, the comparable loss was nine cents a share.
Including all charges, the company posted a net loss of $260 million, or 25 cents a share, compared to $220 million, or 24 cents a share, in last year's Q3 (all figures in U.S. dollars).
For the fourth quarter Corning expects a loss excluding one-time items of eight to 12 cents per share. Analysts expected six cents, on average.
Q4 revenues are pegged at $775 million to $825 million, also short of the analyst estimate of $845.9 million.
Plans to close plants in Australia, Germany and Concord, N.C. will incur Q4 restructuring charges of $550 million to $650 million. The closures will cost another 2,200 jobs in addition to the 4,600 jobs cut earlier this year. Corning said it will reopen the Concord plant when market conditions improve.
