Corning Q3 Earnings Fall, Misses Estimates; Provides Q4 Outlook

(RTTNews) - Corning Inc. (GLW), a manufacturer of display technologies, on Tuesday reported lower earnings and revenue for the third quarter. The results missed estimates. The company also provides its outlook for the fourth quarter.

Quarterly net income decreased 21 percent to $164 million or $0.19 per share from $208 million or $0.24 per share for the same period last year.

Excluding items, earnings fell 12 percent to $386 million or $0.45 per share from $438 million or $0.51 per share of the previous year.

On average, 11 analysts polled by Thomson Reuters expected earnings of $0.47 per share for the year. Analysts' estimates typically exclude special items.

Net revenues declined 9 percent to $3.173 billion from $3.488 billion in the prior year.

Adjusted revenues decreased 6 percent to $3.459 billion from $3.666 billion last year.

The Street estimate for revenue is $3.5 billion.

Looking forward to the next quarter, the company expects adjusted earnings per share in the range of $0.37 to $0.42 and fourth-quarter adjusted revenue of around $3.25 billion.

In pre-market activity, Corning shares are trading at $25.65 down 4.75% on the New York Stock Exchange.