Published on 31 Jan 2023 on Zacks via Yahoo Finance

Corning (GLW) Beats on Q4 Earnings Despite Lower Revenues

Corning Incorporated GLW reported healthy fourth-quarter 2022 results, wherein both the bottom line and top line beat the Zacks Consensus Estimate. The company has offered a tepid guidance for 2023 based on the challenging macroeconomic environment. Shares mostly trended down in pre-market trading owing to the muted outlook as investors probably expected a healthy growth momentum.

Net Income

On a GAAP basis, net loss in the quarter was $36 million or loss of 4 cents per share against net income of $487 million or 56 cents per share in the prior-year quarter. The sharp year-over-year decline was primarily attributable to top-line contraction. Excluding non-recurring items, core net income for the reported quarter was $402 million or 47 cents per share compared with $465 million or 54 cents per share in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate by 3 cents.