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Corning reported third-quarter sales up 4 percent year-on-year to USD 2.607 billion, as demand for its fibre products and specialty materials like Gorilla Glass helped offset weakness in the LCD display market. Net income rose 37 percent to USD 390 million, and adjusted EPS increased 2 percent to USD 0.43.
Revenues from optical communications rose 15 percent to USD 917 million, driven by strong demand for both enterprise and carrier products. Corning passed the milestone of 1 billion kilometers of fibre sold during the quarter. In the fourth quarter, the sales growth rate is expected to be a high single digit percentage on a year-over-year basis.
Specialty materials increased sales 26 percent to USD 373 million, led by stronger Gorilla Glass shipments. For the fourth quarter, the sales are expected to increase by a low-to mid-teens percentage from a very strong 2016 fourth quarter.
In Display Technologies, Corning suffered from the continued fall in LCD glass prices, which is expected to continue at a similar rate in Q4. Revenues fell 15 percent to USD 768 million.
Corning said the "excellent" quarterly results put it on track to meet or beat its strategic targets for the full year and 2019.
