Corning (GLW) experienced a decrease in net income for the second quarter, falling to $104 million from $281 million in the same period last year. This resulted in earnings per share (EPS) of $0.12, down from $0.33. However, the company's core EPS rose to $0.47 from $0.45. According to an average of estimates from 12 analysts polled by Thomson Reuters, the expected profit per share was $0.46, excluding special items.
The company's net sales were reported at $3.25 billion, a slight increase from $3.24 billion the previous year. Core sales showed growth, reaching $3.60 billion up from $3.48 billion. Analysts had predicted average revenue of $3.54 billion.
Looking ahead to the third quarter, Corning's management anticipates core sales will rise to approximately $3.7 billion, with core EPS projected to be in the range of $0.50 to $0.54.
Consequently, shares of Corning declined by 6% in pre-market trading on Tuesday.
