Corning Q4 Profit Tops Estimates; Issues Q1 Guidance

Corning Incorporated (GLW) reported fourth quarter core EPS of $0.47 compared to $0.54, prior year. On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $0.44, for the quarter. Analysts' estimates typically exclude special items.

GAAP net loss was $36 million compared to net income of $487 million, last year. Loss per share was $0.04 compared to profit of $0.56.

Core sales were $3.63 billion, down 2% from previous year. Analysts on average had estimated $3.55 billion in revenue.

For the first quarter, the company expects core sales in the range of $3.2 billion to $3.4 billion, and anticipates sales to improve from these levels in the second quarter. First-quarter core EPS is estimated in the range of $0.35 to $0.42.

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