CORNING, New York — Corning Inc. (GLW) on Tuesday reported second-quarter profit of $496 million.
On a per-share basis, the Corning, New York-based company said it had net income of 36 cents. Earnings, adjusted for non-recurring costs, were 38 cents per share.
The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 37 cents per share.
The specialty glass maker posted revenue of $2.52 billion in the period, missing Street forecasts. Eight analysts surveyed by Zacks expected $2.56 billion.
Corning shares have fallen 20 percent since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. The stock has fallen 16 percent in the last 12 months.
Keywords: Corning, Earnings Report