CORNING, N.Y. (AP) — CORNING, N.Y. (AP) — Corning Inc. (GLW) on Tuesday reported first-quarter net income of $157 million.
On a per-share basis, the Corning, New York-based company said it had profit of 18 cents. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, came to 54 cents per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.
The specialty glass maker posted revenue of $3.45 billion in the period. Its adjusted revenue was $3.68 billion, which also topped Street forecasts. Five analysts surveyed by Zacks expected $3.54 billion.
For the current quarter ending in June, Corning expects its per-share earnings to range from 55 cents to 59 cents.
The company said it expects revenue in the range of $3.85 billion for the fiscal second quarter.
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