Corning Inc.'s (GLW) first-quarter profit soared on a rebound
from last year's moribund sales levels.
The maker of liquid-crystal-display glass and fiber-optic
equipment saw 12% volume growth sequentially in the display
business, and more than double prior-year levels. Chairman and
Chief Executive Wendell P. Weeks said the business was essentially
sold out. The company also boosted its forecast for the market this
year.
Corning's earnings rose to $816 million, or 52 cents a share,
from $14 million, or 1 cent a share, a year earlier, which included
9 cents of charges. Net sales jumped 57% to $1.55 billion.
Analysts were expecting earnings of 42 cents and revenue of
$1.52 billion, according to Thomson Reuters
Gross margin rose to 47.1% from 27.3% on the sales gains.
Telecommunications sales, which have become an increasingly
smaller portion of Corning's operations, fell 5% from last year,
but profitability improved following 2009's restructuring.
-By Kevin Kingsbury; Dow Jones Newswires; 212-416-2354;
kevin.kingsbury@dowjones.com