Corning (GLW) Tops Q3 EPS by 4c

Corning (NYSE: GLW) reported Q3 EPS of $0.42, $0.04 better than the analyst estimate of $0.38. Revenue for the quarter came in at $2.51 billion versus the consensus estimate of $2.52 billion.

"Corning's strong third-quarter results reflect the increasing momentum that we expected in the second half of this year. Sales and gross margins increased in every business segment year over year. We also grew the company's sales, core earnings and core EPS both sequentially and year over year," Wendell P. Weeks, chairman, chief executive officer, and president, said. "Our operating results and progress on key growth initiatives continue to reinforce our confidence in Corning's strategy."

"Third-quarter core earnings grew by 16% versus last year excluding core equity earnings from the former Dow Corning Corporation's silicones business, which no longer contribute to our results. Even without this adjustment, core earnings were 4% higher. We are very pleased by this strength and expect continued year-over-year core sales, core earnings, and core EPS growth in the fourth quarter," R. Tony Tripeny, senior vice president and chief financial officer, added.

For earnings history and earnings-related data on Corning (GLW) click here.

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