By Adria Calatayud

Corning Inc. (GLW) said Tuesday it returned to a profit in the fourth quarter as the company reaped the benefits of growth investments and delivered higher sales across all its segments.

The Corning, N.Y.-based specialty glass and ceramics company earned a quarterly net profit of $292 million, or 32 cents a share, compared with a loss of $1.41 billion, or $1.66 a share, for the same period last year.

Excluding items, Corning reported an adjusted profit of 59 cents a share for the quarter, compared with 46 cents last year and FactSet-provided analysts' forecasts of 57 cents.

Sales rose 15%, to $3.04 billion, from $2.64 billion in the year-earlier period, the company said.

Corning said it expects continued growth in 2019 and beyond.

For 2019, the company expects volumes at its display-glass segment to grow ahead of the market, which is forecast to increase by mid-single digits. Corning expects sales growth at its optical-communications operations of low-teens percentage, environmental-technologies sales to be up by high-single digits and life-science sales to increase by low-to-mid single digits this year.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

(END) Dow Jones Newswires

January 29, 2019 07:52 ET (12:52 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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