Corning Inc. Third Quarter Results
CORNING (WENY)---- Sales and earnings have improved this quarter, with gorilla glass making a 21 percent leap compared to last year.
Net sales are up 7% from July and dropped slightly from 3rd quarter last year.
Net Income rose 13 % from last quarter, but have taken a dive in comparison to this time last year, down 36 %.
GAAP Earnings per Share rose 5 cents, indicating a 17 % increase, and are down 31% from last year when earnings were 51 cents per share.
Corning's gross margin is up slightly from last quarter at 43 %.
As far as next quarter goes, the company anticipates that price declines for the fourth quarter to be slightly higher than the 2nd and 3rd quarters.
Corning Inc. spokesman Dan Collins says, "In the 4th quarter, we will be taking some cost cutting reductions, which will include some modest head-count reductions in order to continue to improve the company's overall profitability and set us on the future for success."