CORNING, New York — Corning Inc. (GLW) on Tuesday reported first-quarter profit of $407 million.
On a per-share basis, the Corning, New York-based company said it had net income of 29 cents. Earnings, adjusted for non-recurring costs, were 35 cents per share.
The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 33 cents per share.
The specialty glass maker posted revenue of $2.43 billion in the period, which missed Street forecasts. Seven analysts surveyed by Zacks expected $2.48 billion.
Corning shares have decreased slightly more than 2 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed slightly more than 2 percent. The stock has climbed roughly 8 percent in the last 12 months.
Keywords: Corning, Earnings Report