Corning Inc. Q1 Profit Decreases, But Beats Estimates

(RTTNews) - Corning Inc. (GLW) released a profit for first quarter that decreased from last year but beat the Street estimates.

The company's earnings came in at $157 million, or $0.18 per share. This compares with $209 million, or $0.24 per share, last year.

Excluding items, Corning Inc. reported adjusted earnings of $467 million or $0.54 per share for the period.

Analysts on average had expected the company to earn $0.51 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period rose 16.0% to $3.452 billion from $2.975 billion last year.

Corning Inc. earnings at a glance (GAAP) :

-Earnings: $157 Mln. vs. $209 Mln. last year. -EPS: $0.18 vs. $0.24 last year. -Revenue: $3.452 Bln vs. $2.975 Bln last year.

For the second quarter, Corning expects core EPS to be in the range of $0.55-$0.59, and sales to be about $3.85 billion. Analysts expect the company to report EPS of $0.56 on revenue of $3.82 billion for the quarter.