Corning net income rises by 93% and powers past estimates, shares rise

Corning Inc.
GLW,
-0.08%
said Wednesday its fourth-quarter net income increased to $487 million, or 56 cents a share, compared to $252 million, or 28 cents a share, in the year-ago quarter. The glass and industrial products maker said its adjusted profit rose to 54 cents a share from 52 cents a share. Sales increased by 10% to $3.68 billion from $3.35 billion. Analysts expected Corning to earn 52 cents a share on $3.59 billion in revenue, according to a survey by FactSet. Looking ahead, Corning expects adjusted first-quarter earnings of 48 cents a share to 53 cents a share, compared to the analyst estimate of 48 cents a share. For 2022, Corning expects sales of about $15 billion, with capital expenditures about flat with 2021. Wall Street expects 2022 sales of $14.68 billion. Shares rose 5% in premarket trades.