Corning Inc. Q1 Profit Increases, beats estimates

(RTTNews) - Corning Inc. (GLW) released earnings for its first quarter that increased from last year and beat the Street estimates.

The company's earnings came in at $209 million, or $0.24 per share. This compares with $176 million, or $0.20 per share, in last year's first quarter.

Excluding items, Corning Inc. reported adjusted earnings of $330 million or $0.38 per share for the period.

Analysts on average had expected the company to earn $0.35 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 6.4% to $2.975 billion from $3.178 billion last year.

Corning Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $209 Mln. vs. $176 Mln. last year. -EPS (Q1): $0.24 vs. $0.20 last year. -Revenue (Q1): $2.975 Bln vs. $3.178 Bln last year.

-Guidance: Next quarter EPS guidance: $0.42 to $0.46 Next quarter revenue guidance: Around $3.4 Bln