Corning Inc. reports $427 million net income in Q3

Corning

CORNING, N.Y. (WETM/AP) – Corning Inc. on Tuesday reported a third-quarter net income of $427 million with GAAP and core sales of $3.0 billion.

On a per-share basis, the Corning, New York-based company said it had net income of 48 cents. Earnings, adjusted for non-recurring gains, came to 43 cents per share.

Wendell P. Weeks, chairman and chief executive officer, said, “We had a very strong quarter financially and operationally. Sales and operating income grew on improving demand and commercialization of our innovations. In all the industries we serve, important market trends are offering new opportunities that we’re uniquely qualified to address, and we’re supporting our customers with more Corning content for the products that people already buy.”

Weeks continued, “While our markets continue to flash green, we remain vigilant in our actions to safeguard the company’s financial strength. Operationally, we’re keeping a tight focus on cost and manufacturing execution.

“When it comes to the global health fight, we’re all-in – mobilizing our capabilities to combat the virus while prioritizing the health, safety, and well-being of our employees. We are focused on responding effectively to the current global uncertainties, and we continue to rise to the challenges of these times.”

Corning shares have increased 18% since the beginning of the year, while the Standard & Poor’s 500 index has increased slightly more than 5%. The stock has climbed 15% in the last 12 months.

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