Corning Inc. reports $71 million loss in Q2, increased revenue

Corning

CORNING, N.Y. (AP/WETM) – Corning Inc. (GLW) on Tuesday reported a second-quarter loss of $71 million, after reporting a profit in the same period a year earlier.

The Corning, New York-based company said it had a loss of 13 cents per share. Earnings, adjusted for restructuring costs and non-recurring costs, were 25 cents per share.

The specialty glass maker posted revenue of $2.56 billion in the period and reported a GAAP sales increase of seven percent. Its adjusted revenue was $2.59 billion, which also topped Street forecasts. Three analysts surveyed by Zacks expected $2.38 billion.

Corning did report a core net income of $218 million, up 23 percent sequentially, and free cash flow of $285 million, which improved sequentially during the COVID-19 pandemic.

Corning shares have risen 5% since the beginning of the year, while the Standard & Poor’s 500 index has stayed nearly flat. The stock has fallen 7% in the last 12 months.

Wendell P. Weeks, chairman and chief executive officer, said, “During the second quarter, we made great strides in positioning Corning to emerge stronger from the global health crisis and resume growth. Sales, net income, EPS, and free cash flow all increased sequentially.

“Corning advanced multiple initiatives throughout the second quarter, including the launch of Corning® Gorilla® Glass Victus and continued innovation with 5G industry leaders,” Weeks continued. “On the COVID-19 front, we continue to seek ways to leverage our deep technology, manufacturing, and engineering capabilities to combat the pandemic directly. We were delighted that Corning Valor® Glass was selected by the U.S. Department of Health & Human Services and the Department of Defense to accelerate delivery of COVID-19 vaccines.”

“Overall, our decisive action and operational execution resulted in positive free cash flow and continued leadership in the capabilities that make Corning distinctive. We’re delivering for our customers, outperforming our markets, and preserving our financial strength.”

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GLW at https://www.zacks.com/ap/GLW

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