Corning Tops Estimates by 14 Cents
Updated from 10:13 a.m. EDT
Corning
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, the world's top maker of optical fiber and cable, Monday reported an 80% surge in profits for the second quarter and coasted past analysts' estimates by 14 cents.
Buoyed by strong sales of optical fiber and cable as well as flat-panel display glass, the company said second-quarter pro forma earnings reached $271.1 million, or 94 cents a share, compared with $136.5 million, or 52 cents per share, in the year-ago period. Analysts surveyed by
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had projected earnings of 80 cents per share.
The pro forma net income excludes amortization of purchased intangibles and goodwill, in-process research and development, one-time acquisition costs, discontinued operations and other nonrecurring items.
The Corning, N.Y.-based company increased its outlook for full-year pro forma earnings to between $3.15 and $3.25 a share, roughly 60% above the year-earlier $2 a share. Analysts have predicted earnings of $2.92 a share.
"This revised outlook reflects our very strong performance this quarter and confidence for continued unprecedented demand for Corning's market-leading products through year-end,'' Roger Ackerman, Corning's chairman and chief executive officer, said in a statement.
Corning finished up 12 1/4, or 5%, at 279 1/4.
