Corning Issues Q1 Guidance

(RTTNews) - Corning Incorporated (GLW) said management expects first-quarter core sales of approximately $3.1 billion and core EPS in the range of $0.32 to $0.38 and anticipates the first quarter to be the low quarter of the year.

Fourth quarter GAAP net loss was $40 million or $0.05 per share compared to a loss of $36 million or $0.04 per share, prior year. Core EPS declined to $0.39 from $0.47. On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $0.39, for the quarter. Analysts' estimates typically exclude special items.

Fourth quarter GAAP net sales were $2.99 billion, down 12% from last year. Core sales were $3.27 billion, a decline of 10%. Analysts on average had estimated $3.25 billion in revenue.

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