UPDATE: Corning Posts Higher Q4 Profit

Corning

reported a gain in its fourth-quarter profit. Corning's quarterly profit surged to $421 million, or $0.30 per share, from $155 million, or $0.10 per share, in the year-ago period. Excluding one-time items, its core earnings climbed to $0.29 from $0.28 per share. Its revenue declined 8.9% to $1.96 billion. However, analysts were expecting earnings of $0.27 per share on revenue of $1.93 billion. Corning's gross margin widened to 39.2% from 37.2%. Corning shares fell 2.69% to $17.73 in pre-market trading.