Corning 1Q profit skids, but beats view

The specialty glassmaker Corning Inc. said Monday its first-quarter profit fell 99 percent on slumping sales and a charge for previously-disclosed job cuts.

But its adjusted earnings topped Wall Street expectations on a mid-quarter rebound in demand for its flat-screen television glass.

The world's largest maker of liquid-crystal-display glass earned $14 million, or a penny a share, in the January-March quarter, down from $1.03 billion, or 64 cents a share, a year earlier.

Excluding one-time items, its latest profit of 10 cents a share exceeded Wall Street's forecast of 5 cents a share.

Sales fell 39 percent to $989 million from $1.617 billion a year ago but that also topped analyst's forecasts of $963.4 million.

Read Full Article from The Associated Press

- Posted: 2009-04-27 08:13:00

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