Corning posts net loss on one-time tax charge
Tue Jan 24, 2006 04:08 PM ET
SAN FRANCISCO, Jan 24 (Reuters) - Corning Inc. (GLW.N: Quote, Profile, Research) , which makes glass for flat-panel displays and fiber-optic cables, on Tuesday posted a quarterly loss amid a one-time tax charge.
The net loss was $32 million, or 2 cents per share, compared with year-earlier net income of $163 million, or 11 cents per share. Revenue rose to $1.2 billion from $1.03 billion. The company had one-time charges of $371 million, or 24 cents per share.
Analysts on average were expecting earnings per share of 23 cents, before one-time items, on revenue of $1.21 billion, according to Reuters Estimates. Corning in November reiterated its fourth-quarter revenue forecast of $1.18 billion to $1.24 billion. The company on Tuesday reported earnings before items of 22 cents per share.
The company, named after Corning, New York, where it began as a glass maker more than 150 years ago, has benefited from growing demand for liquid crystal displays in flat-panel televisions and computer displays. Prices for large, flat-panel televisions continue to fall, driving up demand and sales.
Shares of Corning have more than doubled in the past 12 months and trade at 24 times estimated 2006 per-share earnings, a premium to Japan's Asahi Glass Co. Ltd. (5201.T: Quote, Profile, Research) , its nearest competitor, which trades at a price-to-earnings multiple of 20.
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