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Corning profit beats consensus by 205.9% in Q4

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Corning profit beats consensus by 205.9% in Q4

Corning Inc. said its normalized net income for the fourth quarter amounted to $1.34 per share, compared with the S&P Capital IQ consensus estimate of 44 cents per share.

EPS rose 1,368.4% year over year from 9 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.43 billion, a gain of 1,257.7% from $105.0 million in the year-earlier period.

The normalized profit margin increased to 57.6% from 4.7% in the year-earlier period.

Total revenue climbed 11.0% year over year to $2.48 billion from $2.23 billion, and total operating expenses totaled $2.17 billion, compared with $2.15 billion in the year-earlier period.

Reported net income rose 601.8% from the prior-year period to $1.57 billion, or $1.47 per share, from $224.0 million, or 17 cents per share.

For the year, the company's normalized net income totaled 54 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $1.49.

EPS declined from 69 cents in the prior year.

Normalized net income was $621.3 million, a decline from $928.1 million in the prior year.

Full-year total revenue increased on an annual basis to $9.39 billion from $9.11 billion, and total operating expenses increased on an annual basis to $8.02 billion from $7.79 billion.

The company said reported net income increased 176.0% year over year to $3.69 billion, or $3.23 per share, in the full year, from $1.34 billion, or 100 cents per share.