Corning tops Street 4Q forecasts for profit and revenue
CORNING, N.Y. (AP) — Shares of Corning Inc. rallied Tuesday after the company posted better-than-expected quarterly results.
The Corning, New York-based company said it earned net income of $224 million, or 17 cents per share. Earnings, adjusted for one-time gains and costs, came to 34 cents per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 31 cents per share.
The specialty glass maker posted core revenue of $2.4 billion in the period, also beating Street forecasts. Six analysts surveyed by Zacks expected $2.32 billion. Core revenue excludes the impact of foreign currency and other items.
A year earlier, Corning earned $988 million, or 22 cents per share, on revenue of $2.4 billion.
For the year, the company reported profit of $1.34 billion, or $1 per share. Revenue was reported as $9.8 billion.
The company said it expects the first quarter to be the weakest of 2016, with growth recovering as the year progresses.
Corning also said it is making progress on its business strategy, including repurchasing $1.25 billion in stock, and hedging about 70 percent of its projected exposure to the yen from 2016 to 2022 at a favorable rate.
Corning shares have declined slightly more than 8 percent since the beginning of the year, while the Standard & Poor’s 500 index has dropped 8 percent. In midday trading the stock rose 6.4 percent, or $1.08, to $17.84.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GLW at http://www.zacks.com/ap/GLW
Keywords: Corning, Earnings Report