Corning Inc. Q4 Profit Increases, Beats Estimates

Corning

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(RTTNews) - Corning Inc. (GLW) released a profit for its fourth quarter that Increased from the same period last year and beat the Street estimates.

The company's bottom line totaled $540 million, or $0.62 per share. This compares with $310 million, or $0.36 per share, last year.

Excluding items, Corning Inc. reported adjusted earnings of $624 million or $0.72 per share for the period.

Analysts on average had expected the company to earn $0.71 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period rose 20.4% to $4.215 billion from $3.501 billion last year.

Corning Inc. earnings at a glance (GAAP) :

-Earnings: $540 Mln. vs. $310 Mln. last year. -EPS: $0.62 vs. $0.36 last year. -Revenue: $4.215 Bln vs. $3.501 Bln last year.

Looking ahead, for the first quarter, the company expects adjusted income of $0.66 to $0.70 per share, in line with analysts’ view of $0.68 per share. Core sales are anticipated to be $4.2 billion to $4.3 billion, compared with Street view of $4.26 billion.

GLW was down by 4.44% at $104.89 in the pre-market trade on the NYSE.