WASHINGTON (dpa-AFX) - Corning Incorporated (GLW), a manufacturing of optic cables, wireless tech and optical physics for high tech products, Tuesday reported higher earnings on higher revenue for the first quarter compared to the same period last year.
Further, the company provided its outlook for the next quarter.
Following this, the stock was trading down nearly 11 percent in pre-market trade.
Quarterly net income increased 130 percent to $371 million or $0.43 per share from $157 million or $0.18 per share of last year.
Excluding items, earnings rose 31 percent to $612 million or $0.70 per share from $467 million or $0.54 per share of the previous year.
Revenue grew 20 percent to $4.14 billion from $3.45 billion of the prior year.
Adjusted revenue climbed 18 percent to $4.34 billion from $3.68 billion of last year. Looking forward to the second quarter, the company expects adjusted EPS to grow about 25 percent in the range of $0.73-$0.77. Revenue is surmised to grow around 14 percent to nearly $4.6 billion.
Commenting on the outlook, Ed Schlesinger, CFO said, 'We have built into our second-quarter forecast an extended maintenance shutdown at our solar wafer facility, including the transition to a permanent power system while we repair, upgrade, and modify our production equipment to increase throughput in future quarters. This will cause an additional $30 million of expense versus the first quarter.'
In pre-market activity, GLW shares were trading at $150.23, down 10.56% on the New York Stock Exchange.
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