Corning: Q1 Earnings Snapshot
CORNING, N.Y. (AP) _ Corning Inc. (GLW) on Tuesday reported first-quarter net income of $599 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Corning, New York-based company said it had profit of 67 cents. Earnings, adjusted for non-recurring gains, came to 45 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 42 cents per share.
The specialty glass maker posted revenue of $3.29 billion in the period. Its adjusted revenue was $3.26 billion, also beating Street forecasts. Three analysts surveyed by Zacks expected $3.13 billion.
For the current quarter ending in July, Corning expects its per-share earnings to range from 49 cents to 53 cents.
The company said it expects revenue in the range of $3.3 billion to $3.5 billion for the fiscal second quarter. Analysts surveyed by Zacks had expected revenue of $3.25 billion.
Corning shares have climbed 28% since the beginning of the year, while the S&P’s 500 index has risen 11%. The stock has more than doubled in the last 12 months.