(AP) Corning said Wednesday that it will likely cut costs, which may include "modest" job cuts, to support profit in a weakening economy.
It's the latest manufacturer to warn that the slowing global growth is hurting its business. Weaker global growth hurt
The glass and ceramics maker's stock slid 7.2 percent, or 97 cents, to $12.44 in morning trading Wednesday.
Revenue fell 2 percent to $2.04 billion in the July-September quarter.
Despite declines, profit and revenue still topped Wall Street expectations.
""The weakening economy is affecting sales in many of our businesses, with several not achieving the growth expectations we set for the year," said Corning Inc. CFO James Flaws. Higher expenses also hurt profit.
The company expects economic woes will continue next year, and that it will probably have to cut costs to grow profits. Savings will probably come from scaling back project spending, capital expenditures and from job cuts.
The company expects to take a charge of up to $50 million in the current quarter to cover the cuts.
In the July-September quarter, price declines for LCD glass weighed on
Lower North American sales, due to the end of the
Sales in the division that includes Gorilla glass shot up 21 percent.
Declining demand for trucks hurt the company's environment technologies unit, whose products include diesel filters and emissions products for autos. Sales dropped 6 percent.