WASHINGTON (dpa-AFX) - Corning Inc. (GLW) announced earnings for first quarter that decreased from the same period last year but beat the Street estimates.
The company's earnings totaled $176 million, or $0.20 per share. This compares with $581 million, or $0.68 per share, in last year's first quarter.
Excluding items, Corning Inc. reported adjusted earnings of $350 million or $0.41 per share for the period.
Analysts on average had expected the company to earn $0.39 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter fell 13.6% to $3.18 billion from $3.68 billion last year.
Corning Inc. earnings at a glance (GAAP) :
-Earnings (Q1): $176 Mln. vs. $581 Mln. last year. -EPS (Q1): $0.20 vs. $0.68 last year. -Analyst Estimates: $0.39 -Revenue (Q1): $3.18 Bln vs. $3.68 Bln last year.
-Guidance: Next quarter EPS guidance: $0.42 - $0.49 Next quarter revenue guidance: $3.4 - $3.6 Bln
Copyright(c) 2023 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2023 AFX News