Corning Second Quarter Profit Falls 74%
Corning reported net income that declined by 74 percent in its second quarter. The results matched analysts' expectations.
The Corning, New York-based company said earnings fell to $169 million, or 11 cents per share, from $638 million, or 43 cents per share, in the same quarter a year ago.
Earnings, adjusted for non-recurring costs, were 37 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 37 cents per share.
The specialty glass maker said revenue rose 25 percent to $2.48 billion from $1.98 billion in the same quarter a year earlier, and missed Wall Street forecasts. Analysts expected $2.53 billion, according to Zacks.
Corning shares have climbed $4.23, or 24 percent, to $22.05 since the beginning of the year, while the Standard & Poor's 500 index has increased 7.1 percent. The stock has risen $6.66, or 43 percent, in the last 12 months.