By Sabela Ojia
Corning posted lower sales in the most recent quarter.
The maker of specialty glasses and ceramics said Tuesday that net profit fell to $281 million, or 33 cents per share, in the second quarter, from $563 million, or 66 cents per share, in the same period a year ago.
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By Sabela Ojia
Corning posted lower sales in the most recent quarter.
The maker of specialty glasses and ceramics said Tuesday that net profit fell to $281 million, or 33 cents per share, in the second quarter, from $563 million, or 66 cents per share, in the same period a year ago.
Excluding one-time items, earnings per share came in at 45 cents, matching the forecast of analysts polled by FactSet.
Net sales fell to $3.24 billion from $3.62 billion a year ago. Core sales fell 7% to $3.48 billion, in line with analysts’ expectations.
“Despite our relatively muted sales environment, we expect to continue to improve profitability and cash flow,” said Wendell Weeks, chairman and chief executive.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix