Corning, the leading manufacturer of specialty glass and ceramics, reported a slight widening of its loss in the fourth quarter as demand in the market continued to remain subdued. The company recorded a loss of $40 million, or 5 cents per share, compared to a loss of $36 million, or 4 cents per share, in the same period last year.
Adjusted Earnings Meet Consensus Estimates
Excluding one-time items, Corning's adjusted earnings stood at 39 cents per share, which matched analysts' consensus estimate as per FactSet.
Sales Fall Short of Expectations
Corning's sales declined by 12% to $2.99 billion, missing the projected figure of $3.26 billion put forth by analysts surveyed by FactSet.
Lower-Demand Environment Challenges Corning
CEO Wendell Weeks acknowledged that the company has been dealing with a lower-demand environment. Despite this challenging situation, Chief Financial Officer Ed Schlesinger highlighted that Corning managed to improve its gross margin year-over-year by implementing higher prices and reducing inventory.
Weakest Quarter Ahead
Looking ahead, Corning anticipates adjusted earnings between 32 cents and 38 cents per share in the first quarter. Management expects this quarter to be the weakest of the year. However, analysts surveyed by FactSet had projected earnings of 39 cents per share.
Note: Written by Dean Seal