By Kimberly Chin

Corning Inc. (GLW) said Tuesday that its third-quarter profit rose 60% from a year ago, driven in part by sales in its specialty materials business.

The maker of glass and ceramics said net income reached $625 million, or 67 cents a share, compared with $390 million, or 39 cents a share, from the same period a year earlier. Adjusted earnings were 51 cents a share, above analysts' estimates of 49 cents a share, according to a Refinitiv poll.

Sales in the third quarter rose to $3.01 billion from a year earlier, which was in line with analysts' expectations, driven by its specialty materials segment. The segment's revenue rose 23% for the quarter, the company said.

Corning said it now expects 2018 sales to exceed $11.3 billion, whereas previously it had predicted sales would be about $11.3 billion.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

October 23, 2018 08:17 ET (12:17 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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