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Corning announces third-quarter results

Corning Inc. today announced third-quarter sales of US$1.28 billion and net income of US$438 million, or US$0.27 pe...


October 25, 2006  


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Corning Inc. today announced third-quarter sales of US$1.28 billion and net income of US$438 million, or US$0.27 per share.

Corning’s third-quarter results include a charge of US$13 million, or US$0.01 per share, primarily reflecting the increase in market value of Corning common stock to be contributed to settle the asbestos litigation related to Pittsburgh Corning Corp.

Excluding this charge, Corning’s third-quarter net income would have been US$451 million, or US$0.28 per share.

Telecommunications segment sales for the third quarter were US$456 million, declining 3% from the previous quarter but in line with expectations, the company said.

The decline was primarily due to lower volume of fiber-to-the-premises (FTTP) products and price drops.