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Corning profit misses consensus by 27.6% in Q3

Corning Inc. said its third-quarter normalized net income came to 30 cents per share, compared with the S&P Capital IQ consensus estimate of 41 cents per share.

EPS increased 153.1% year over year from 12 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $301.3 million, an increase of 131.7% from $130.0 million in the year-earlier period.

The normalized profit margin climbed to 11.6% from 5.2% in the year-earlier period.

Total revenue increased year over year to $2.61 billion from $2.51 billion, and total operating expenses climbed 6.4% from the prior-year period to $2.15 billion from $2.02 billion.

Reported net income grew 37.3% on an annual basis to $390.0 million, or 39 cents per share, from $284.0 million, or 26 cents per share.