Although S&P 500 (NYSE:SPY) component Corning Inc.’s (NYSE:GLW) net income fell in the first quarter from a year earlier, profit exceeded analysts’ expectations. Corning Inc. provides high-performance glass for LCD televisions, computer monitors, and other information display applications as well as optical fiber and cable products.
Corning Earnings Cheat Sheet for the First Quarter
Results: Net income for Corning Inc. fell to $748 million (47 cents/share) vs. $816 million (52 cents/share) a year earlier. A decline of 8.3% from the year earlier quarter.
Actual vs. Wall St. Expectations: GLW beat the mean analyst estimate of 44 cents/share. Estimates ranged from 39 cents per share to 47 cents per share.
Quoting Management: Wendell P. Weeks, chairman, chief executive officer and president, said, “We built on the momentum coming out of 2010 to deliver exceptional year-over-year performance from all of our business segments. Our volume across the display business remained strong. We continued to experience very healthy sales and exceptional market acceptance for Gorilla® Glass. Our telecommunications performance was robust and at levels we haven’t experienced in a number of years, and the recovery in the heavy-duty diesel market has driven our diesel sales to record highs.”
Key Stats: Last quarter’s profit decrease breaks a streak of four consecutive quarters of year-over-year profit increases. In the fourth quarter of the last fiscal year, net income rose 41.1% from the year earlier while the figure increased 22.1% in third quarter of the last fiscal year, 49.4% four quarters ago and 5728.6% five quarters earlier.
Competitors to Watch: Owens Corning (NYSE:OC), PPG Industries, Inc. (NYSE:PPG), Research Frontiers, Inc. (NASDAQ:REFR), Newport Corporation (NASDAQ:NEWP), 3M Company (NYSE:MMM), II-VI, Inc. (NASDAQ:IIVI), and Portmeirion Group PLC (PMP).
Today’s Performance: Shares of GLW are trading at $21.90 as of April 27, 2011 at 8:22 AM ET, up over 6% from the previous close.