Corning Inc. Q3 Profit Decreases, misses estimates

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

The company's bottom line totaled $164 million, or $0.19 per share. This compares with $208 million, or $0.24 per share, in last year's third quarter.

Excluding items, Corning Inc. reported adjusted earnings of $386 million or $0.45 per share for the period.

Analysts on average had expected the company to earn $0.47 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 9.2% to $3.17 billion from $3.49 billion last year.

Corning Inc. earnings at a glance (GAAP) :

-Earnings (Q3): $164 Mln. vs. $208 Mln. last year. -EPS (Q3): $0.19 vs. $0.24 last year. -Analyst Estimates: $0.47 -Revenue (Q3): $3.17 Bln vs. $3.49 Bln last year.

-Guidance: Next quarter revenue guidance: $3.25 Bln