Specialty glassmaker Corning Incorporated (GLW) on Tuesday posted better-than-expected fiscal fourth quarter earnings results, sending its shares higher in premarket trading.
The Corning, NY-based company reported fourth quarter net income of $283 million, or 19 cents per share, compared with $491 million, or 31 cents per share, in the year-ago period. Excluding special items, adjusted profit was 34 cents per share.
Revenue rose 14% from last year to $2.15 billion.
On average, Wall Street analysts expected a smaller profit of 32 cents per share, on lower revenue of $2.07 billion.
Corning shares rose 51 cents, or +4.2%, in premarket trading Tuesday.
The Bottom Line
Shares of Corning currently offer a 2.96% dividend yield, based on last night’s closing price of $12.15.
Corning Incorporated (GLW) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.
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