Corning Q2 revs increase 5% to $1.9b (GLW) By Chris Kraeuter
Fiber optics firm Corning (GLW reported a second quarter net loss of $4.8 billion, or $5.13 a share. During the same quarter last year, net income was $149 million, or 17 cents a share. Revenue increased 5 percent to $1.9 billion from $1.8 billion during the same quarter last year. Analysts surveyed by First Call/Thomson Financial expected revenue of $1.756 billion, on average. Excluding charges and one-time items, pro forma net income was $264 million, or 29 cents a share, compared with $271 million, or 31 cents a share, during the same quarter last year. On July 9, Corning said its second-quarter earnings, excluding charges, were "slightly ahead" of the consensus expectation of 18 cents a share. Analysts expected earnings, excluding charges, of 18 cents a share. "Except for the disappointing results in the Photonic Technologies business, the company's second-quarter operating performance was significantly better than expected, primarily due to the strong results in the fiber and cable business," said CEO John Loose, according to a statement. He also said the telecom market remains "turbulent" and that Corning's photonics unit is expected to be weak for the rest of the year. Ahead of the news, shares closed up 26 cents, or 1.9 percent, at $13.77.