Yahoo Finance Corning 1Q profit falls; result beats predictions
Corning's 1Q profit falls, but beats predictions; expects LCD glass price declines to lessen
CORNING, N.Y. (AP) -- Corning Inc. said Monday that its first-quarter net income fell 39 percent as it set aside more for taxes than a year ago, but its adjusted earnings beat Wall Street expectations.
The specialty glass maker also said that it expects price declines for LCD glass, used in TVs and other electronics, to lessen in the second quarter compared with the first quarter.
"We expect improved results throughout the year," said James Flaws, Corning's chief financial officer.
Net income fell to $301 million, or 20 cents per share, in the three months ended March 31, from $494 million, or 33 cents per share, in the same quarter a year ago. Adjusted to remove one-time items, the company earned 31 cents per share, above the 29 cents per share that analysts expected, according to FactSet.
Revenue rose 26 percent to $2.29 billion from $1.81 billion. Analysts expected revenue of $2.3 billion.
Shares of the Corning, N.Y., company fell 26 cents to $20.48 in morning trading Monday.
