Corning's Top and Bottom Lines Grow
January 24 2017 - 8:52AM
Dow Jones News
By Anne Steele
Glass maker Corning Inc. posted higher profit and revenue in the
final quarter of the year amid double-digit growth in its three
largest businesses.
Shares added 2.1% premarket to $25.30.
In all for the December quarter, Corning posted a profit of
$1.57 billion, or $1.47 a share, compared with $224 million, or 17
cents, a year earlier.
Adjusted to exclude certain items, the company reported a profit
of 50 cents a share, up from 34 cents a share a year earlier.
Revenue climbed 11% to $2.48 billion.
Analysts polled by Thomson Reuters had expected 44 cents in
per-share earnings on $2.5 billion in revenue.
Corning's display-technologies arm saw sales jump 13% to $830
million. The optical-communications business had sales increase 11%
to $819 million. Specialty materials sales jumped 22% to $336
million. Environmental technologies registered a 3.5% decline in
sales to $245 million, while the life-sciences segment posted a 2%
gain to $206 million.
Write to Anne Steele at anne.steele@wsj.com.
(END) Dow Jones Newswires
January 24, 2017 08:37 ET (13:37 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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