By Dieter Holger
Corning Inc.'s profit and sales rose above Wall Street's expectations in the fourth quarter as the company booked growth across its business.
The Corning, N.Y.-based manufacturer said Wednesday that profit was $252 million, or 28 cents a share, in the fourth quarter ended Dec. 31. Last year, profit was $32 million, or 1 cent a share.
Adjusted earnings were 52 cents a share. Analysts polled by FactSet expected adjusted earnings of 49 cents a share.
Sales rose year-over-year, to $3.35 billion, from $2.82 billion a year ago. Analysts expected sales of $3.18 billion.
"We gained sales-growth momentum, expanded margins in the second half, and generated significant free cash flow," said Wendell Weeks, chairman and chief executive of Corning.
For the first quarter of 2021, the company forecasts core sales of $3 billion to $3.2 billion and earnings of 40 cents to 44 cents a share.
Write to Dieter Holger at email@example.com; @dieterholger