Updated from Oct. 22
shares slipped modestly Thursday after the optical component outfit posted solid third-quarter profits Wednesday and maintained fourth-quarter financial guidance.
The onetime bakeware behemoth posted third-quarter earnings of $33 million, or 2 cents a share, on revenue of $772 million. A year ago the company lost $261 million, or 27 cents a share, on revenue of $762 million. Wall Street analysts had expected a break-even quarter on sales of $756 million.
The Corning, N.Y., company, which during the telecom boom shed the businesses that made it a household name in order to focus on making optical-networking components, maintained its fourth-quarter guidance, calling for earnings of 3 cents to 4 cents a share before items on sales of around $752.5 million.
"We clearly have been tested over the past two years by the severe downturn in the telecommunications market," Financial Chief James B. Flaws said. "We have passed this test with our return to profitability and improved balance sheet and are now poised for long-term growth with three exciting business opportunities," namely flat-panel TV and computer screens, emissions control gear and so-called telecom fiber to the premises.
On Thursday, Corning shares slipped 16 cents to $10.24.