Shares of glass maker Corning Inc.
jumped 8.7% premarket Tuesday, after the company reported better-than-expected first-quarter earnings, boosted by strength in Optical Communications. The company posted net income of $581 million, or 68 cents a share, for the quarter, up from $487 million, or 56 cents a share, in the year-earlier period. Adjusted per-share earnings came to 54 cents, ahead of the 50 cent FactSet consensus. Sales edged up to $3.680 billion from $3.676 billion a year ago, also ahead of the $3.552 billion FactSet consensus. Chief Executive Wendell P. Weeks said earnings were driven by broad-based strength across its business lines, led by 28% sales growth at Optical Communications and continued favorable pricing in Display. “We expect strong top- and bottom-line growth this year, as we advance innovations and remain focused on pricing, capital efficiency, and cash generation,” said Weeks. Shares have fallen 8% in the year to date, while the S&P 500
has fallen 10%.
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