Corning Reports Q4 Earnings, Exceeds Expectations
Corning Inc. (GLW) released its fourth-quarter financial results on Wednesday, reporting net income of $310 million or 36 cents per share.
Adjusted for restructuring and non-recurring expenses, earnings reached 57 cents per share, surpassing the consensus estimate of 56 cents per share provided by seven analysts surveyed by Zacks Investment Research.
Revenue for the quarter totaled $3.5 billion, while adjusted revenue reached $3.87 billion, both exceeding Street forecasts. Six analysts polled by Zacks predicted adjusted revenue of $3.77 billion.
For the full year, Corning reported a profit of $506 million or 58 cents per share, with revenue of $13.12 billion. Looking ahead to the current quarter ending in March, the company anticipates revenue between $3.6 billion and $3.7 billion.