Corning Announces First-Quarter Results

Date: 4 May 2010
Source: Corning
Sales and EPS were strongLCD demand remains robust CORNING, N.Y., April 28, 2010 – Corning Incorporated (NYSE: GLW) today announced its results for the first quarter 2010.

First-Quarter Highlights  Sales were $1.55 billion, an increase of 1% sequentially and 57% year over year.  Earnings per share were $0.52.Excluding special items, EPS was also $0.52*, a gain of 18% over the fourth-quarter results and 420% year over year.
 
Display Technologies' wholly owned business volume was up 12% sequentially and 127% year over year. Samsung Corning Precision Glass Co., Ltd., volume was consistent with the previous quarter and up 64% year over year.
 
Gross margin improved significantly to 47% from 42% in the previous quarter, and over last year’s first quarter of 27%.
 
Equity earnings were $469 million. This represents a slight increase over the previous quarter’s $461 million. Year-over-year equity earnings improved by 141%.
 
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600450 Corning Announces First-Quarter Results glassonweb.com
Date: 4 May 2010
Source: Corning

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