Corning Inc. Q2 Profit Decreases, misses estimates

(RTTNews) - Corning Inc. (GLW) announced a profit for second quarter that decreased from the same period last year and missed the Street estimates.

The company's bottom line came in at $281 million, or $0.33 per share. This compares with $563 million, or $0.66 per share, in last year's second quarter.

Excluding items, Corning Inc. reported adjusted earnings of $388 million or $0.45 per share for the period.

Analysts on average had expected the company to earn $0.46 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 10.3% to $3.243 billion from $3.615 billion last year.

Corning Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $281 Mln. vs. $563 Mln. last year. -EPS (Q2): $0.33 vs. $0.66 last year. -Analyst Estimates: $0.46 -Revenue (Q2): $3.243 Bln vs. $3.615 Bln last year.

-Guidance: Next quarter EPS guidance: Flat to >$0.33 Next quarter revenue guidance: Core sales of~3.5Bln