Corning Swings to 4Q Profit on Growth Investments
29 Janeiro 2019 - 11:07AM
Dow Jones News
By Adria Calatayud
Corning Inc. (GLW) said Tuesday it returned to a profit in the
fourth quarter as the company reaped the benefits of growth
investments and delivered higher sales across all its segments.
The Corning, N.Y.-based specialty glass and ceramics company
earned a quarterly net profit of $292 million, or 32 cents a share,
compared with a loss of $1.41 billion, or $1.66 a share, for the
same period last year.
Excluding items, Corning reported an adjusted profit of 59 cents
a share for the quarter, compared with 46 cents last year and
FactSet-provided analysts' forecasts of 57 cents.
Sales rose 15%, to $3.04 billion, from $2.64 billion in the
year-earlier period, the company said.
Corning said it expects continued growth in 2019 and beyond.
For 2019, the company expects volumes at its display-glass
segment to grow ahead of the market, which is forecast to increase
by mid-single digits. Corning expects sales growth at its
optical-communications operations of low-teens percentage,
environmental-technologies sales to be up by high-single digits and
life-science sales to increase by low-to-mid single digits this
year.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
January 29, 2019 07:52 ET (12:52 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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