Corning First-Quarter Profits Up 27 Percent

Corning Inc. said Wednesday its first-quarter profit rose 27 percent, exceeding Wall Street's expectations despite a seasonal slowdown in demand for liquid-crystal-display glass.

Its shares rose more than 5 percent.

The world's biggest maker of ultra-thin LCD glass for flat-screen televisions and computers earned $327 million, or 20 cents a share, in the January-March period, up from $257 million, or 16 cents a share, in last year's first quarter.

Sales rose 4 percent to $1.307 billion from $1.26 billion a year ago.

Excluding asbestos litigation and other one-time charges of $125 million, or 8 cents a share, earnings totaled $452 million, or 28 cents a share, in the latest period. Analysts surveyed by Thomson Financial had forecast earnings of 26 cents a share on sales of $1.296 billion.  Shares of Corning rose $1.25, or 5.3 percent, to $24.98 Wednesday on the New York Stock Exchange.

Corning's display technologies sales fell 4 percent to $524 million from $547 million a year ago when it was hit by an inventory buildup among suppliers. But the business still generated $364 million in net income.

Read the entire news on the source link below.

600450 Corning First-Quarter Profits Up 27 Percent
Date: 30 April 2007

See more news about:

Others also read

Şişecam has submitted an offer for the acquisition of the Sangalli Group’s Sangalli Manfredonia facilities in southern Italy.
SILVERSTAR DYNAMIC reacts automatically to light and heat conditions.
Iranian manufacturers are actively mastering the global glass market, paying special attention to new technologies.
This year P-D Refractories is investing around EUR 1.2 million in the expansion of a new post-processing at the Wetro site.
Bangkok Glass (BG), one of the Asian top players in container glass manufacturing, relies on Grenzebach technology for their new float glass line.
International Exhibition for Flat Glass Processing, Products and Accessories in India.

From industry

40 Corniche El-Nil,
Al Sharafain Tower Maadi,
Cairo Governorate

Is Kuleleri, Kule: 2, Kat: 22, 4. Levent
34330 Levent-Istanbul/İstanbul

101 Venture Way
Secaucus, NJ 07094-1808
United States

Add new comment