Corning Sees Profitability Growing Faster Than Sales

Corning Incorporated (GLW) said its first quarter core sales grew 15% year over year, driven by strong sales growth in Optical Communications, Display Technologies, and Hemlock's solar materials. Core EPS increased 20% year over year.

For the full year, the company raised its expectations for sales to exceed $15 billion, with sales growing at a high-single digit percentage and EPS growing up to a few percentage points faster than sales.

For the second quarter, Corning expects $3.7 billion to $3.9 billion in core sales with core EPS of $0.54 to $0.59.

For the first quarter, the company's bottom line came in at $581 million, or $0.68 per share compared with $599 million, or $0.67 per share, a year ago. Excluding items, Corning Inc. reported adjusted earnings of $465 million or $0.54 per share for the period. Analysts on average had expected the company to earn $0.50 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 14.7% to $3.74 billion from $3.26 billion last year.

Shares of Corning were up 8% in pre-market trade on Tuesday.

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