Corning swings to 4th-quarter profit from year-ago loss helped by demand for flat-screen TVs

Corning Inc., which makes liquid crystal display glass used in flat panel displays, fiber-optic cable products and lab equipment, said Wednesday strong demand for flat-panel televisions lifted the company to a fourth-quarter profit from a year-ago loss.

Net income was $646 million, or 41 cents per share, for the three months ended Dec. 31 versus a loss of $33 million, or 2 cents per share, in the prior-year period which included a hefty tax-related costs. Latest-quarter results include one-time gains of $158 million, or 10 cents per share.

Excluding the items, earnings totaled $488 million, or 31 cents per share, in the latest period.

Revenue rose 14 percent to $1.37 billion versus $1.2 billion in the previous year, helped by strong performance at the company's affiliates, Dow Corning and Samsung Corning Precision Glass, which make LCD glass substrates.

The results beat analysts' expectations for a profit of 28 cents per share on sales of $1.3 billion, according to a Thomson Financial poll.

"As the year went on it became apparent that television was becoming the primary driver for LCD glass growth," said Wendell P. Weeks, president and chief executive. "We estimate that LCD television penetration reached 22 percent of the world market in 2006, and preliminary retail sales figures indicate that one out of every three TVs sold in the United States last year was an LCD television."