Corning Profits Up

Corning Inc announced 28 Jan/08 that its 4Q 2007 profit rose 11%, beating Wall Street expectations, with strong demand for flat-screen glass. The world's largest maker of LCD glass said the slowing US economy has not affected its biggest business & also projected higher 1Q 2008 results than analysts predicted. Earnings rose to US$ 717M, ($0.45/share) in the October-December 2007 period from US$ 646M, in the 4Q 2006. Excluding asbestos litigation & other one-time items, Corning earned US$ 643M. Analysts polled by Thomson Financial expected net profit of US$ 0.39/share on sales of US$ 1.546BN. Sales rose 16% to US$ 1.58BN (US$ 1.37BN). Corning had forecast 4Q revenue between US$ 1.53BN and US$ 1.56BN.