Corning Posts 10% Revenue Climb
October 25 2016 - 8:20AM
Dow Jones News
By Ezequiel Minaya
Glass maker Corning Inc. (GLW) reported higher-than-expected
third-quarter adjusted earnings, propelled by a 19% climb in
revenue for its display technologies segment.
In June, Corning ended a 73-year joint venture with Dow Chemical
Co., after it sold the remainder of its stake in Dow Corning for
$4.8 billion in cash and 40% equity interest in Hemlock
Semiconductor Group.
Over all, Corning posted a profit of $284 million, or 26 cents a
share, compared with a profit of $212 million, or 15 cents a year
earlier. Adjusted to exclude certain items, the company reported a
profit of 42 cents a share, up from 34 cents a share a year
earlier.
Revenue rose 10.3% to $2.51 billion.
Analysts polled by Thomson Reuters expected 38 cents per-share
earnings on $2.52 billion in revenue.
Write to Ezequiel Minaya at Ezequiel.Minaya@wsj.com
(END) Dow Jones Newswires
October 25, 2016 08:05 ET (12:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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