GLW Corning Inc

   By Adria Calatayud 
 

Corning Inc. (GLW) said Tuesday it swung to a first-quarter loss, citing currency-hedging contracts, and backed its yearly sales target.

The Corning, New York-based specialty glass and ceramics maker posted a quarterly loss of $589 million, or 72 cents a share, compared with a profit of $86 million, or 7 cents a share, for the year-earlier period. The company said its net loss reflected a non-cash loss linked with its currency-hedging contracts.

Excluding items, Corning reported a profit of 31 cents a share for the quarter. Analysts expected a profit of 30 cents a share, according to FactSet.

Sales rose 5% to $2.5 billion, in line with analyst forecasts of $2.49 billion, according to FactSet.

"We continue to run at full capacity in several of our businesses and have multiple capacity-expansion initiatives underway to support committed customer demand," Corning Chief Executive Wendell P. Weeks said. "As production ramps, the benefits of these initiatives are expected to contribute to accelerating sales and profit growth in the second half of 2018."

Corning said it is on track to meet its full-year sales target of $11 billion.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

(END) Dow Jones Newswires

April 24, 2018 08:05 ET (12:05 GMT)

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