Corning Inc. 4Q Earnings Snapshot

Local

CORNING, N.Y. (AP) _ Corning Inc. (GLW) on Wednesday reported fourth-quarter profit of $32 million.

The Corning, New York-based company said it had net income of 1 cent per share. Earnings, adjusted for non-recurring costs, were 46 cents per share.

The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.

The specialty glass maker posted revenue of $2.82 billion in the period. Its adjusted revenue was $2.85 billion, which also beat Street forecasts. Three analysts surveyed by Zacks expected $2.68 billion.

For the year, the company reported profit of $960 million, or $1.07 per share. Revenue was reported as $11.66 billion.

Corning shares have decreased almost 4% since the beginning of the year, while the Standard & Poor’s 500 index has risen slightly more than 1%. The stock has fallen roughly 8% in the last 12 months.

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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