UPDATE: Corning Posts Upbeat Q1 Earnings

Corning

reported better-than-expected first-quarter earnings. Corning's quarterly net income fell to $301 million, or $0.20 per share, versus a year-ago profit of $494 million, or $0.33 per share. Its adjusted earnings came in at $0.31 per share, beating analysts' estimates of $0.30 per share. Its core sales climbed 32% y/y to $2.4 billion, while net sales surged 26% to $2.3 billion. However, analysts were projecting revenue of $2.30 billion. The company's press release offered the following comment from Wendell P. Weeks, chairman, chief executive officer, and president: "We are continuing our trend of core earnings improvement with our first-quarter performance. This represents our sixth consecutive quarter of year-over-year core earnings growth." Corning shares fell 2.12% to close at $20.74 on Friday.