Corning +3.8% after swinging to profit on strong sales growth

|About: Corning Inc. (GLW)|By:, SA News Editor

Corning (NYSE:GLW) is up 3.8% after logging a Q1 earnings report where it swung to a profit in GAAP terms and core EPS rose 39%.

Financial measures grew across the board, and the company pointed to continued rapid adoption of Gorilla Glass 5 as it pursues doubling sales in mobile consumer electronics.

The company works to stabilize returns in its Display Technologies unit; it says Q1 LCD glass price declines were the most moderate in the past six years, and full-year LCD glass prices are expected to decline by about 10% or even less.

GAAP net sales by segment: Display Technologies, $736M (up 4%); Optical Communications, $818M (up 34%); Environmental Technologies, $275M (up 4%); Specialty Materials, $300M (up 32%); Life Sciences, $210M (up 3%).

The company says it's off to a strong start and expects "year-over-year sales and earnings growth in the second quarter.”

Press Release