Lower TV Glass Demand Crimps Corning Profits
By wchung | 07 Feb, 2025
Corning Inc. says its profit jumped 22 percent in the third quarter but it missed Wall Street expectations on lower sales of glass for flat-panel televisions.
Its shares slipped 28 cents to $18.01 in pre-market trading.
The world’s largest maker of liquid-crystal-display glass said Monday its net income rose to $785 million, or 50 cents per share, in the July-September period. That’s up from $643 million, or 41 cent, a year earlier.
Excluding one-time items, however, adjusted earnings amounted to 51 cents a share – a penny short of Wall Street expectations.
It says sales rose 8 percent to $1.6 billion from $1.48 billion. Analysts expected $1.61 billion.
ROCHESTER, N.Y. (AP)
In this Oct. 28, 2010 photo, a sales person at a Best Buy store demonstrates a Motorola Droid that uses Corning Inc., Gorilla (R) Glass in Buffalo, N.Y. Corning Inc. said Monday, Nov. 1, 2010, its profit jumped 22 percent in the third quarter but it missed Wall Street expectations on lower sales of glass for flat-panel televisions.(AP Photo/David Duprey)
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