Corning Guides Q4 Above View; Q3 Adj. EPS Tops Estimates, But Revenues Miss

Corning

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(RTTNews) - While reporting financial results for the third quarter on Tuesday, Corning, Inc. (GLW) provided its core earnings and core sales guidance for the fourth quarter. For the fourth quarter, the company expects year-over-year sales growth to accelerate and earnings per share to grow faster than sales, with core sales of about $3.75 billion and core earnings in a range of $0.53 to $0.57 per share.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.52 per share on sales of $3.67 billion for the quarter. Analysts' estimates typically exclude special items.

For the third quarter, the company reported a net loss attributable to the company of $117 million or $0.14 per share, compared to net income of $164 million or $0.19 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter was $0.54 per share, compared to $0.45 per share last year.

Net sales for the quarter grew 7 percent to $3.39 billion from $3.17 billion in the same quarter last year. Core sales grew 8 percent.

Analysts expected earnings of $0.52 per share on sales of $3.72 billion for the quarter.

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