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Corning profit misses consensus by 67.7% in Q3

Corning Inc. said its third-quarter normalized net income amounted to 11 cents per share, compared with the S&P Capital IQ consensus estimate of 35 cents per share.

EPS decreased 81.0% year over year from 59 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $136.3 million, a decrease of 83.6% from $832.5 million in the prior-year period.

The normalized profit margin dropped to 6.0% from 32.8% in the year-earlier period.

Total revenue fell 10.6% on an annual basis to $2.27 billion from $2.54 billion, and total operating expenses declined 5.9% year over year to $1.88 billion from $2.00 billion.

Reported net income declined 82.0% from the prior-year period to $182.7 million, or 15 cents per share, from $1.01 billion, or 72 cents per share.