GLW's good news is also good for LPTH.
GLW : CORNING INC (NYSE)
Corning profits beat estimates, forecast raised
CORNING, N.Y., July 17 (Reuters) - Corning Inc. on Monday reported second-quarter earnings up 80 percent from a year earlier, surpassing Wall Street expectations, driven by strong sales of fiber optical cable and flat-panel display glass.
The company said second-quarter pro forma earnings reached $271.1 million, or 94 cents a share, compared with $136.5 million, or 52 cents per share, in the same quarter of 1999.
Wall Street had expected Corning (NYSE: GLW) to earn 80 cents a share, according to research firm First Call/Thomson Financial.
The pro forma net income excludes amortization of purchased intangibles and goodwill, in-process research and development, one-time acquisition costs, discontinued operations and other nonrecurring
items.
The company boosted its outlook for full-year pro forma earnings to between $3.15 and $3.25 a share, about 60 percent above the year-earlier $2 a share. Analysts have forecast earnings of $2.92 a share. |
