* Q3 adj EPS $0.33 vs est $0.32
* Q3 rev $2.1 bln vs est $2.09 bln
* Sees Q4 telecom unit sales down slightly year-over-year
* Shares up 1 pct
Oct 30 Corning Inc reported
better-than-expected quarterly results, helped by strong demand
for its scratch-resistant Gorilla Glass and fiber optic
Sales in the company's telecommunications unit, which makes
optical fiber cable, rose 24 percent to $650 million in the
third quarter, accounting for nearly a third of total sales.
The company, however, said it expects a larger-than-usual
seasonal decline in optical fiber sales in the current quarter,
mainly in North America and China.
"We anticipate that fourth-quarter results will be
sequentially lower ... ," Chief Financial Officer James Flaws
said in a statement on Wednesday.
Flaws also said construction of Australia's National
Broadband Network had been slower than expected.
The Corning, New York-based company's shares were up less
than 1 percent at $17.64 in early trading on Wednesday.
Sales in its specialty materials unit rose 8 percent
sequentially to $326 million due to higher demand for Gorilla
Glass, which is used in Apple Inc's iPhones and iPads
and Samsung Electronics Co Ltd's Galaxy devices.
Sales in the technologies segment, which makes LCD panels
for Sony Corp, LG and Lenovo Group, rose 7 to
Corning said last week it would buy out the Samsung group's
stake in their joint venture that makes glass for liquid crystal
A Samsung subsidiary will take a 7.4 percent share in
Corning if it converts the preferred shares it received as part
of the deal.
Corning said the transaction, expected to close in the first
quarter of 2014, would add about $350 million in annual profit
before special items.
The company's third-quarter net income fell to $408 million,
or 28 cents per share, from $533 million, or 36 cents per share,
a year earlier.
On an adjusted basis, the company earned 33 cents a share.
Core net sales rose to $2.11 billion from $1.92 billion.