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Corning profit misses consensus by 25.0% in Q2

Corning Inc. said its normalized net income for the second quarter amounted to 28 cents per share, compared with the S&P Capital IQ consensus estimate of 37 cents per share.

EPS climbed 55.0% year over year from 18 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $378.8 million, a gain of 61.6% from $234.4 million in the year-earlier period.

The normalized profit margin climbed to 16.2% from 9.4% in the year-earlier period.

Total revenue decreased 5.6% year over year to $2.34 billion from $2.48 billion, and total operating expenses decreased on an annual basis to $1.91 billion from $1.99 billion.

Reported net income grew 242.9% year over year to $496.0 million, or 36 cents per share, from $144.7 million, or 11 cents per share.