Corning Tops Profit, Sales Estimates

Corning (GLW Quote) topped analysts first-quarter expectations on the top and bottom line Tuesday, aided by strength in the LCD television display business.

The Corning, N.Y., glass and ceramics products maker said it had a profit of $1.03 billion, or 64 cents a share, in the first quarter, up from $327 million, or 20 cents a share, in the year-ago period. Results included a $327 million gain related to the pending Pittsburgh Corning Corporation bankruptcy proceeding. Excluding that gain, Corning had a profit of 44 cents.

Sales reached $1.62 billion in the quarter, up 24% from the year-ago quarter but only 2% higher sequentially. Corning's Display Technologies' glass volume increased 50% year over year and 2% sequentially. Samsung Corning Precision Glass, or SCP, volume was flat sequentially and increased 46% year over year.

Analysts expected Corning to notch a profit of 42 cents a share, excluding items, on revenue of $1.59 billion, according to Thomson Financial.

"This was a tremendously strong quarter for Corning," said CEO Wendell Weeks in a press release. "Display glass demand remains robust, and we continue to operate our LCD glass substrate facilities at full capacity. The global consumer appetite for LCD televisions continues to grow."

Looking ahead, Corning expects second-quarter earnings to fall in a range of 47 cents to 50 cents a share, excluding items, on sales between $1.71 billion and $1.75 billion. That would beat Wall Street's expected earnings of 43 cents a share on revenue of $1.67 billion.