Corning Reports $1.04 Billion Profit (GLW)

Corning Incorporated GLW on Tuesday morning released financial results. Corning Incorporated reported that its 4th quarter net income rose to $1.04 billion, or 66 cents per share, up from $740 million, or 47 cents per share, a year earlier. Excluding special items, the company earned 46 cents per share. Corning Incorporated reported revenue of $1.77 billion, up 10% from $1.6 billion a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 47 cents per share, on revenue of $1.6 billion. Vice chairman and chief financial officer James B. Flaws said, “We are entering the year with excellent momentum. Corning's Gorilla Glass is poised for dramatic sales growth. We believe the display supply chain exited 2010 with healthy levels of inventory. Corning is well positioned in each of our business segments to take advantage of the global economic recovery that is underway.” Corning Incorporated (GLW) ended the previous trading session at $19.64 per share. Analysts covering the company's stock have a consensus price target of $22.03 per share. Read more from Benzinga's Company news.