RTTNews | Jan 26, 2022 08:09AM EST

08:08 Wednesday, January 26, 2022 (RTTNews.com) - Shares of Materials science technology company Corning Incorporated (GLW) are climbing more than 8% in pre-market on Wednesday after reporting upbeat fourth quarter results. The company's fourth-quarter as well as full-year sales outlook also came in better than the consensus estimates.

Corning reported net income of $487 million or $0.56 per share in the fourth quarter, significantly higher than $252 million or $0.28 per share in the same quarter a year ago.

Excluding one-time items, core income was $465 million or $0.54 per share, that beat the average estimate of analysts polled by Thomson Reuters at $0.52 per share. Analysts' estimates typically exclude special items.

Sales for the quarter increased 10% to $3.676 billion from $3.35 billion last year, helped by growth in all segments. The consensus estimate was for $3.59 billion.

Looking forward to the first quarter, Corning expects core sales to be in the range of $3.5 billion to $3.7 billion with core EPS of $0.48 to $0.53. Analysts expect earnings of $0.48 per share on revenue of $3.42 billion.

For 2022, the company sees sales of about $15 billion. The consensus estimate stands at $14.68 billion.

Corning shares are at $38.21 currently. Tuesday, the stock closed at $35.30, down $0.03 or 0.08%. It has traded in the range of $33.93 - $46.82 in the past 52 weeks.

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