Wednesday, July 27, 2011

Corning Inc. (NYSE: GLW): Q2 2011 Earnings Roundup

Corning Inc. (NYSE: GLW) on Wednesday reported that its second quarter profit dropped to $755 million, or 47 cents a share, from $913 million, or 58 cents, in the year-ago quarter. On an adjusted basis, the company earned 48 cents per share. Revenue rose 17% to $2 billion. Analysts, on average, expected the company to report earnings of 47 cents per share on revenue of $1.96 billion.

"Second-quarter results were in line with our expectations," Wendell P. Weeks, chairman, chief executive officer and president, said. He added that the results demonstrate the company is moving toward its goal of becoming a more balanced global company by pursuing growth opportunities. "Corning(R) Gorilla(R) Glass is the cover glass of choice for next-generation mobile devices; sales continued growing across our major telecommunications product lines; and global demand for our Environmental Technologies emissions products remained strong," he remarked.

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