Corning boosted by jump in LCD glass sales in first quarter

Date: 27 April 2006
Source: Wcax.com

Date: 27 April 2006

Corning posted an almost 3 percent increase in first-quarter profit as demand surged for its liquid-crystal-display glass used in flat-screen televisions and computers.

The glass, fiber optics and specialty materials company earned 257 (m) million dollars, or 16 cents a share, in the January-March period.That's compared with a profit of 250 (m) million dollar, or 17 cents a share, in last year's first quarter. The company said the earlier results were revised higher, from 249 (m) million. Sales jumped 20 percent to 1-point-2-6 (b) billion dollars.Excluding asbestos-litigation charges and other one-time items totaling 168 (m) million dollars, or 11 cents a share, Corning earned 425 (m) million dollars, or 27 cents a share and handily beat Wall Street's expectations.

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