Corning Q4 Income, Sales Increase Above Street View; Sales Outlook Better Than Estimates

(RTTNews) - Materials science technology company Corning Incorporated (GLW) on Wednesday reported higher profit in the fourth quarter, better than analysts view. The company's fourth quarter as well as full-year sales outlook also came in better than the consensus estimates.

Corning reported net income of $487 million or $0.56 per share in the fourth quarter, significantly higher than $252 million or $0.28 per share in the same quarter a year ago.

Excluding one-time items, core income was $465 million or $0.54 per share, that beat the average estimate of analysts polled by Thomson Reuters at $0.52 per share. Analysts' estimate typically exclude special items.

Sales for the quarter increased 10% to $3.676 billion from $3.35 billion last year, helped by growth in all segments. The consensus estimate was for $3.59 billion.

Looking forward to the first quarter, Corning expects core sales to be in the range of $3.5 billion to $3.7 billion with core EPS of $0.48 to $0.53. Analysts expect earnings of $0.48 per share on revenue of $3.42 billion.

For 2022, the company sees sales of about $15 billion. The consensus estimate stands at $14.68 billion.

Corning shares are up more than 7% in pre-market at $38.01. The stock closed yesterday's trading at $35.30, down $0.03 or 0.08%.