Corning: 2Q Earnings Snapshot
CORNING, N.Y. (AP) _ Corning Inc. (GLW) on Tuesday reported second-quarter earnings of $92 million.
On a per-share basis, the Corning, New York-based company said it had profit of 9 cents. Earnings, adjusted for non-recurring costs and restructuring costs, were 45 cents per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.
The specialty glass maker posted revenue of $2.94 billion in the period. Its adjusted revenue was $2.99 billion, also beating Street forecasts. Three analysts surveyed by Zacks expected $2.97 billion.
Corning shares have increased 13% since the beginning of the year, while the Standard & Poor’s 500 index has risen 21%. The stock has increased roughly 2% in the last 12 months.