CORNING, New York — Corning Inc. (GLW) on Tuesday reported fourth-quarter profit of $224 million.
The Corning, New York-based company said it had net income of 17 cents per share. Earnings, adjusted for one-time gains and costs, came to 34 cents per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 31 cents per share.
The specialty glass maker posted revenue of $2.4 billion in the period, also beating Street forecasts. Six analysts surveyed by Zacks expected $2.32 billion.
For the year, the company reported profit of $1.34 billion, or $1 per share. Revenue was reported as $9.8 billion.
Corning shares have declined slightly more than 8 percent since the beginning of the year, while the Standard & Poor's 500 index has dropped 8 percent. The stock has dropped 30 percent in the last 12 months.
Keywords: Corning, Earnings Report