Corning Q2 Profit Up 68%; Lifts FY18 Sales Outlook - Quick Facts

(RTTNews) - Corning Incorporated (GLW) reported a 68 percent surge in profit for the second quarter from last year on a one-time gain and higher revenues that reflect sales growth in each of the company's businesses.

The company's second-quarter net income was $738 million or $0.78 per share, up from $439 million or $0.42 per share in the year-ago period.

The latest quarter's results include a non-cash mark-to-market gain associated with the company's currency-hedging contracts.

Core earnings for the quarter were $0.38 per share, compared to $0.39 per share in the year-ago period.

On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $0.37 per share for the quarter. Analysts' estimates typically exclude special items.

Second-quarter net sales rose 10 percent to $2.75 billion from $2.50 billion in the same period last year. Core sales grew 9 percent to $2.76 billion. Analysts expected revenue of $2.69 billion for the quarter.

Looking ahead, Corning said it expects to significantly improve profitability in the third quarter and beyond.

Corning also raised its fiscal 2018 sales forecast. The company now projects full-year sales to reach approximately $11.3 billion, up from prior guidance of about $11 billion, and up 10 percent year over year.

The Street expects the company to report revenues of $11.03 billion for the year.