Corning Reports In-line Q3 Results

(RTTNews) - Corning Incorporated (GLW) Tuesday reported lower profit in the third quarter reflecting revenue decline. The company provided fourth quarter outlook below analysts' view.

Net income was $208 million or $0.24 per share in the third quarter, lower than $371 million or $0.43 per share in the same quarter a year ago.

Excluding one-time items, earnings were $438 million or $0.51 per share, in line with the average estimate of 12 analysts polled by Thomson-Reuters of $0.51 per share. Analysts estimates typically exclude special items.

Sales for the quarter declined 4% to $3.488 billion from $3.615 billion last year.

Cores sales increased 1% to $3.666 billion from $3.639 billion a year ago. The consensus estimate was for $3.66 billion.

Looking forward to the fourth quarter, Corning expects core EPS of $0.41-$0.47 with core sales of $3.45 billion-$3.65 billion. Analysts expect the company to report earnings of $0.55 per share on revenue of $3.75 billion for the quarter.

Corning engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses.

Corning shares are more than 5% down in pre-market. It closed at $32.33, up 0.43% on Monday.