Corning Q2 Net Income Declines; Issues Q3 Guidance

(RTTNews) - Corning (GLW) reported that its second quarter net income declined to $104 million from $281 million, last year. Earnings per share was $0.12 compared to $0.33. Core EPS was $0.47 compared to $0.45. On average, 12 analysts polled by Thomson Reuters expected the company to report profit per share of $0.46, for the quarter. Analysts' estimates typically exclude special items.

Net sales were $3.25 billion compared to $3.24 billion, last year. Core sales increased to $3.60 billion from $3.48 billion. Analysts on average had estimated $3.54 billion in revenue.

For the third quarter, management expects core sales to grow to approximately $3.7 billion with core EPS in the range of $0.50 to $0.54.

Shares of Corning are down 6% in pre-market trade on Tuesday.

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