ROCHESTER, N.Y. -- Corning Inc. says its first-quarter profit more than tripled, exceeding Wall Street's expectations on strong demand for glass used in flat-screen televisions and computers. The specialty glass and ceramics maker said Tuesday that earnings climbed to $1.029 billion, or 64 cents a share, up from $327 million, or 20 cents a share, a year earlier. The company said sales surged 24 percent to $1.62 billion from $1.31 billion. Excluding a one-time credit of $327 million, earnings came to 44 cents a share. Analysts polled by Thomson Financial expected net profit of 42 cents a share on sales of $1.594 billion.
© 2008 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.
|
