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Corning profit misses consensus by 32.5% in Q1

Corning Inc. said its normalized net income for the first quarter was 23 cents per share, compared with the S&P Capital IQ consensus estimate of 33 cents per share.

EPS rose 16.4% year over year from 19 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $313.8 million, a gain of 18.4% from $265.0 million in the prior-year period.

The normalized profit margin rose to 13.6% from 11.6% in the year-earlier period.

Total revenue declined year over year to $2.27 billion from $2.29 billion, and total operating expenses decreased 5.8% from the prior-year period to $1.84 billion from $1.96 billion.

Reported net income rose 48.5% year over year to $407.0 million, or 29 cents per share, from $274.0 million, or 20 cents per share.