January 30, 2018 / 12:46 PM / 3 months ago

UPDATE 1-Corning's profit, revenue beat on Gorilla Glass demand

(Adds analyst comparison, share movement)

Jan 30 (Reuters) - Corning Inc posted its seventh straight quarter of adjusted profit and revenue beat on strong demand for its Gorilla Glass used in smartphone screens and fiber optic cables.

The company’s shares rose 1.8 percent to $34.86 in premarket trading on Tuesday.

Net sales from Corning’s specialty materials unit, which makes Gorilla Glass, surged 17 percent to $393 million in the quarter, driven by demand for larger smartphone screens and adoption of glass on the backs of devices.

Profit from Corning’s optical communications business, which makes fiber optic cables and accounts for nearly a third of its revenue, climbed 13 percent to $928 million.

The company, however, incurred a net loss of $1.41 billion, or $1.66 per share, in the quarter ended Dec 31, compared with a profit of $1.57 billion, or $1.47 per share, a year earlier.

The company took a $1.8 billion one-time charge related to changes in the U.S. tax law in the quarter.

Net sales rose to $2.64 billion from $2.48 billion.

The New York-based company reported core earnings of 49 cents per share, beating the average analyst estimate of 47 cents, according to Thomson Reuters I/B/E/S.

Adjusted revenue rose 7 percent to $2.74 billion, beating the average analyst estimate of $2.65 billion. (Reporting by Sonam Rai in Bengaluru; Editing by Arun Koyyur)

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