Corning Meets Guidance

The company believes it is well positioned.
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Corning (GLW) - Get Report beat its bottom-line target and turned in a solid second-quarter report card.

The technology glassmaker posted a net income of $165 million, 11 cents a share, on sales of $1.14 billion in the quarter ended last month.

Excluding a one-time charge, the company's adjusted income was 20 cents a share. That number compares with a 17-cent profit on $1 billion in revenue in the first quarter, and earnings of 11 cents on sales of $971 million in the year-ago period. Analysts expected second-quarter net income of 18 cents on $1.1 billion in sales, according to Thomson First Call.

Looking ahead to the current quarter, Corning expects sales of between $1.14 billion and $1.19 billion. That's a sequential growth rate in a range of flat to 3.5%. Analysts were expecting 4.5% sequential sales growth.

"Corning had an excellent first half of the year," CEO Wendell Weeks said in a press release. "We believe that we are well positioned for success through the remainder of the year."

Corning shares rose a nickel to $18.30 in after-hours trading Tuesday.