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Corning second quarter revenue declines, misses Street view
July 25, 2012 / 11:24 AM / 5 years ago

Corning second quarter revenue declines, misses Street view

NEW YORK (Reuters) - Specialty glass maker Corning Inc (GLW.N) on Wednesday reported second-quarter revenue that declined from a year ago and missed Wall Street expectations, citing a weak global economy.

In particular, Chief Executive Wendell Weeks said the maker of glass used in flat screen televisions and smartphones is concerned about economic weakness in Europe and China.

“We have seen signs that the unsettled global economy impacted some of our businesses in the past quarter,” the executive said in a statement.

For example, he said Corning’s environmental technologies segment faced a reduction in sales of light-duty filters for auto emission systems.

Corning’s profit fell to $462 million, or 30 cents per share, from $755 million, or 47 cents per share, in the year-ago quarter. Revenue dropped to $1.91 billion from $2.01 billion. Analysts expected $2.02 billion, according to Thomson Reuters I/B/E/S.

Corning shares were unchanged on Wednesday morning after closing at $12.07 on New York Stock Exchange Tuesday.

Reporting By Sinead Carew; editing by Jeffrey Benkoe

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