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Earnings Roundup

Corning earnings increase 11%

January 29, 2008|From Times Wire Services

Corning Inc. posted an 11% increase in quarterly profit and an optimistic outlook Monday, fueled by strength in its display business.

Corning, which makes glass for flat-panel displays and fiber-optic cables, earned $717 million, or 45 cents a share, for the final three months last year, up from $646 million, or 41 cents, a year earlier. Revenue rose 16% to $1.6 billion.

For the year, the company earned $2.15 billion, or $1.34 a share, up from $1.85 billion, or $1.16, for the previous year. Annual sales rose to $5.9 billion last year from $5.2 billion.

Shares of Rochester, N.Y.-based Corning rose 73 cents to $23.10.

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