trending Market Intelligence /marketintelligence/en/news-insights/trending/WHXgGeVr68WxmicXDZP8NQ2 content esgSubNav
In This List

Corning profit beats consensus by 205.9% in Q4

Blog

Capital Markets Activity Infographic: SPAC Volume Rises in Q3; Equity Issuance Drops but Remains Strong in Several Sectors

Blog

Asset Owner Perspectives on Climate Change Measurement, Management, and Reporting in Australia

Blog

How Financial Institutions are Managing Exposure to U.S. Municipals

Blog

Insight Weekly: Global stock performance; hydrogen pilot projects; Powell's Fed future unsure


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.