CORNING, N.Y. (AP) _ Corning Inc. (GLW) on Tuesday reported first-quarter net income of $499 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Corning, New York-based company said it had profit of 55 cents. Earnings, adjusted for one-time gains and costs, came to 40 cents per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 39 cents per share.
The specialty glass maker posted revenue of $2.81 billion in the period. Its adjusted revenue was $2.85 billion, also topping Street forecasts. Three analysts surveyed by Zacks expected $2.81 billion.
Corning shares have climbed 12% since the beginning of the year, while the Standard & Poor's 500 index has increased 17%. The stock has increased 24% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GLW at https://www.zacks.com/ap/GLW