Corning Swings to Quarterly Loss on Currency Hedges
24 Aprile 2018 - 2:20PM
Dow Jones News
By Adria Calatayud
Corning Inc. (GLW) said Tuesday it swung to a first-quarter
loss, citing currency-hedging contracts, and backed its yearly
sales target.
The Corning, New York-based specialty glass and ceramics maker
posted a quarterly loss of $589 million, or 72 cents a share,
compared with a profit of $86 million, or 7 cents a share, for the
year-earlier period. The company said its net loss reflected a
non-cash loss linked with its currency-hedging contracts.
Excluding items, Corning reported a profit of 31 cents a share
for the quarter. Analysts expected a profit of 30 cents a share,
according to FactSet.
Sales rose 5% to $2.5 billion, in line with analyst forecasts of
$2.49 billion, according to FactSet.
"We continue to run at full capacity in several of our
businesses and have multiple capacity-expansion initiatives
underway to support committed customer demand," Corning Chief
Executive Wendell P. Weeks said. "As production ramps, the benefits
of these initiatives are expected to contribute to accelerating
sales and profit growth in the second half of 2018."
Corning said it is on track to meet its full-year sales target
of $11 billion.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
April 24, 2018 08:05 ET (12:05 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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