Corning reports EPS in-line, misses on revs; sees Q2 core equity earnings of $50-70 mln :
- Reports Q1 (Mar) earnings of $0.28 per share, in-line with the Capital IQ Consensus of $0.28; revenues fell 10.7% year/year to $2.17 bln vs the $2.24 bln Capital IQ Consensus.
- Performance in Display Technologies, Environmental Technologies, Specialty Materials, and Life Sciences met or exceeded company expectations.
- Demand for Optical Communications products continues to be strong; manufacturing software implementation issues partially interrupted cable production and impacted first-quarter sales and profit.
- "Production is expected to recover in the second quarter. We expect that the company's performance for the remainder of the year will show significant improvement from first-quarter results, and that second-quarter results will reflect the strong underlying trends in our businesses."
- Core equity earnings are expected to be between $50-70 million in Q2, depending on the closing date of the strategic realignment of Dow Corning announced in December 2015. The company expects the realignment to close by June.
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