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Corning 4Q profit triples on TV glass demand

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[January 26, 2010]  ROCHESTER, N.Y. (AP) -- Corning Inc. says its profit almost tripled in the fourth quarter on surging sales of glass for flat-screen televisions.

The world's largest maker of liquid-crystal-display glass said Tuesday it earned $740 million, or 47 cents a share, in the October-December period. That's up from $249 million, or 16 cents, a year earlier.

Excluding unusual items, its profit was 44 cents a share, beating Wall Street's forecast of 42 cents a share.

Corning says sales jumped 41 percent to $1.53 billion. That also beat analysts' forecasts of $1.45 billion.

Sales in Corning's display technologies segment leaped 86 percent to $717 million.

[Associated Press]

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.



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