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April 28, 2020, 7:48 a.m. EDT

Corning swings to loss as revenue falls

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By Allison Prang

Corning Inc. reported a loss as revenue declined in the first quarter, and the company said it plans cut expenses.

Corning had a loss of $96 million, compared to a year earlier profit of $499 million. The company's loss was 16 cents a share. Its profit a year earlier was 55 cents a share.

Corning reported an operating loss for the quarter and also reported a smaller net translated earnings contract gain than it did a year earlier. It also reported an income tax benefit compared with a provision a year ago.

Adjusted earnings were 20 cents a share, above analysts' consensus from FactSet of 17 cents.

Sales fell 15% from a year ago to $2.39 billion. Analysts' consensus estimate was $2.44 billion.

Chief Financial Officer Tony Tripeny said in prepared remarks the company is "adjusting our operating plan to reduce costs and capital spending" because it expects lower sales. He said the company stopped share buybacks but plans to keep its dividend.

Write to Allison Prang at allison.prang@wsj.com

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