Corning reports $96 million loss in Q1

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CORNING, N.Y. (AP) _ Corning Inc. (GLW) on Tuesday reported a first-quarter loss of $96 million, after reporting a profit in the same period a year earlier.

The Corning, New York-based company said it had a loss of 16 cents per share. Earnings, adjusted for non-recurring costs, were 20 cents per share.

The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 17 cents per share.

The specialty glass maker posted revenue of $2.39 billion in the period. Its adjusted revenue was $2.53 billion, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $2.51 billion.

Corning shares have dropped 26% since the beginning of the year, while the Standard & Poor’s 500 index has fallen 11%. The stock has fallen 36% in the last 12 months.

Wendell P. Weeks, chairman and chief executive officer, said: “We’re keeping our company strong throughout this difficult period. Guided by our Values, Corning is acting compassionately and systematically to support our stakeholders in multiple ways. We’ve prioritized the safety of our employees, workplaces, and communities while delivering for customers and contributing to public-health and economic-relief efforts. I am proud of our employees’ dedication to executing on all these fronts.

“We’ve built Corning to survive difficult circumstances – across three centuries, our people have persevered and succeeded through world wars, natural disasters, and economic catastrophes. We are confident in our ability to manage through the current challenges while maintaining our financial strength and growth prospects.

“We, like all companies, are being impacted by the escalating global economic and health consequences of the pandemic. In the first quarter we took actions to navigate through these unprecedented times and will take additional actions in the second quarter,” Weeks continued.

Read Corning Inc.’s Q1 report here.

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