Higher Profit For Corning Incorporated (NYSE:GLW)
Corning Incorporated (NYSE:GLW) has released their earnings report for Q4, 2013. The company announced higher Q4 earnings as compared to Q4, 2012. This was mainly because of the dip in production and restructuring costs.
The net income for Corning Inc. for the fourth quarter stood at $421 million, which is an EPS of 30 cents a share. This is an increase from Q4 2012 where the net income was $155 million at 10 cents a share. While analysts had projected an income of 28 cents a share excluding the special items and earnings reported were at $410 million at 29 cents a share.
The revenue for the company declined to $1.96 billion from $2.15 billion. Core net sales were also down as compared to one year ago from $2.04 billion to $2 billion. The average analyst’s expectation was revenue of $1.93 billion.
As a warning, Corning Inc. said that the LCD glass prices were likely to decrease in Q1 2014 more than any other quarter.
Wendell Weeks, who is the chairman, CEO, and the president of Corning Inc., said, “We have entered 2014 with confidence that we can continue building a bigger, stronger, and more agile Corning. With our recently completed acquisition of the other 50% of Samsung Corning Precision, we expect to see direct financial and strategic benefits to Corning. The incremental profitability we expect to achieve with the consolidation of Samsung Corning Precision into our display business, coupled with a new $2 billion share repurchase program, should result in a 20% accretion to earnings per share on a fully diluted basis.”
Dividend and stock performance
The company paid the last quarterly dividend of 10 cents on the 13th of December, it is expected that the next dividend will be announced in February. In April 2013 the dividend per share was raised from 9 to 10 cents per share. Shares for Corning Inc were down by 3.4% or 62 cents at the pre market trades on Tuesday.