Corning Incorporated (GLW) posted fourth quarter adjusted earnings of $0.46 per share, falling short of the $0.47 expected by analysts. But shares rose sharply in pre-market trading on the strength of a huge revenue figure and encouraging guidance.
Corning’s sales jumped to $1.77 billion, 15% better than the same period last year and 11% higher than the consensus Wall Street estimate of $1.60 billion. Net income of $1.044 billion was a 41% improvement over the same period. For the full year, net income rose 77% while sales grew by 23%.
The company didn’t give consolidated financial guidance, but laid out expectations for its various product segments. Most notably, first quarter sales within the Telecommunications, Environmental Technologies, and Life Sciences segments are expected to be 20% stronger than last year, while Specialty Materials sales are expected to double on the strength of Gorilla Glass. Analysts are currently projecting just 3.2% year-over-year sales growth for Corning’s first quarter.
Shares of GLW rose to $20.60 (+4.89%) in pre-market trading, where they carry a 0.97% dividend yield.
Corning initiated a quarterly dividend of $0.05 per share in 2007 and has yet to raise its payout. It closed out 2010 ranked 45th on my list of The 100 Best Values Among Dividend-Paying Stocks.