Corning lifts forecast for Q2 LCD glass volume

* Sees Q2 volume up 100 pct in wholly owned business

* Sees Q3 capacity constraints due to high volume demand

* Sees Samsung venture volumes up 50 pct sequentially

* Corning shares up 1.4 pct in early trade

NEW YORK, June 30 - Specialty glass maker Corning Inc <GLW.N> raised its forecast for second-quarter sales of LCD glass, saying it now expects volume to be double that of the first quarter for its wholly owned business.

"Second-quarter glass demand is much stronger than we anticipated even a few weeks ago," Corning Chief Financial Officer James Flaws said in a statement on Tuesday. "As a result, we now expect second-quarter sequential volume to be up approximately 100 percent at our wholly owned business."

The company had already revised its volume outlook to a 75-percent volume increase at the end of May after originally forecasting a volume increase of more than 50 percent.

It expects second-quarter volume at Samsung Corning Precision Glass Co., Ltd., its venture with Samsung Electronics <005930.KS>, to be up about 50 percent sequentially compared with its previous expectation for an increase of 40 percent.

Corning expects third-quarter LCD glass shipments consistent with the improved second-quarter forecast, leaving the company with capacity constraints as demand will be higher than its manufacturing ability.

As a result the company said it was prioritizing supplies for its long-term supply agreement customers. (Reporting Tiffany Wu and Sinead Carew; Editing by Derek Caney)