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Corning 4th-Quarter Profit Rises 11 Pct
   posted 8:03 am Mon January 28, 2008 - ROCHESTER, N.Y.
ABC 7 News - Corning 4th-Quarter Profit Rises 11 Pct
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Corning Inc. said Monday its fourth-quarter profit rose 11 percent on strong demand for glass used in flat-screen televisions and auto pollution filters.Earnings climbed to $717 million, or 45 cents a share, in the October-December period compared with $646 million, or 41 cents a share, in last year's fourth quarter. Analysts polled by Thomson Financial expected net profit of 39 cents a share on sales of $1.546 billion. Corning had predicted earnings in a range of 38 cents to 40 cents a share before special items.

Sales rose 16 percent to $1.58 billion from $1.37 billion. Corning had forecast fourth-quarter revenue between $1.53 billion and $1.56 billion.

ABC 7 News myTAKE - What's Your Opinion?The world's largest maker of liquid crystal display glass said its display technologies sales surged 25 percent to $774 million as price declines fell in line with the company's new pricing strategy. The business, Corning's biggest, was hit two years ago by an inventory buildup among suppliers.

Sales in its telecommunications unit rose 6 percent to $430 million, driven by increased demand for fiber-to-the-premises products. Environmental technologies sales rose 23 percent to $757 million, fueled by its pollution-filter business.

Shares rose 2.6 percent, or 58 cents, to $22.95 in pre-market trading.



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