Shares of Corning Inc.
GLW,
-0.39%
are up 0.6% in premarket trading Tuesday after the maker of optical technologies posted better-than-expected revenue and earnings for its second quarter. The company posted GAAP net income of $449 million, down from $599 million a year earlier. The company posted a GAAP loss per share of 42 cents and core earnings per share of 53 cents, with the difference between GAAP and core EPS reflecting a one-time accounting treatment stemming from a preferred-share transaction with Samsung Display Co. Ltd. that reduced Corning's fully diluted share count by 35 million. The FactSet consensus for the latest quarter called for 51 cents in EPS. Corning's GAAP loss per share for the year-prior quarter was 13 cents and its core EPS was 25 cents. The company posted GAAP net sales of $3.5 billion for the quarter, up from $2.6 billion a year earlier, while the FactSet consensus called for $3.4 billion. "We are growing faster than our underlying markets and achieved a revenue milestone of $3.5 billion, establishing a strong sales run rate," Chief Executive Wendell Weeks said in a release. The company expects core sales of $3.5 billion to $3.7 billion for the third quarter as well as core EPS of 54 cents to 59 cents. Corning shares have lost 7.8% over the past three months as the S&P 500
SPX,
+0.24%
has risen 5.6%.