WASHINGTON (dpa-AFX) - Corning Inc. (GLW) reported that its second-quarter net income available to common stockholders fell to $145 million, from $638 million in the year ago quarter. On a per share basis, net income was $0.11, down from $0.43 last year.
But, core earnings per share grew to $0.37 from $0.32 in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.38 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter rose to $2.48 billion from $1.98 billion in the prior year quarter. Sixteen analysts had consensus revenue estimate of $2.53 billion for the quarter.
Corning has lowered its 2014 full-year capital spending estimate from $1.5 billion to approximately $1.3 billion.
'We have accomplished a great deal with our first-half business performance. We expect the third quarter will bring Corning's eighth consecutive year-over-year quarterly sales and earnings improvement, and we are on track for strong earnings growth for the full year,' said James B. Flaws, vice chairman and chief financial officer.
In the third quarter, the company anticipates its LCD glass volume will be up by a mid-single digit percentage, sequentially. Glass price declines are expected to moderate further, returning to the rates experienced through most of 2013.
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