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Corning: Q1 Earnings Snapshot

April 26, 2022 GMT

CORNING, N.Y. (AP) _ Corning Inc. (GLW) on Tuesday reported first-quarter profit of $581 million.

The Corning, New York-based company said it had profit of 68 cents per share. Earnings, adjusted for non-recurring gains, were 54 cents per share.

The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 49 cents per share.

The specialty glass maker posted revenue of $3.68 billion in the period. Its adjusted revenue was $3.74 billion, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $3.56 billion.

For the current quarter ending in July, Corning expects its per-share earnings to range from 54 cents to 59 cents.

The company said it expects revenue in the range of $3.7 billion to $3.9 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $3.73 billion.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GLW at https://www.zacks.com/ap/GLW