Net quarterly profit of Corning for the year increased by 602%
The company Corning, a manufacturer of safety glass, used in particular in mobile devices, has published a report for the fourth quarter of 2016 and the year as a whole.
Corning income for the quarter amounted to 2,476 billion. Compared to the third quarter of 2016, when the income was equal to 2,507 billion, a decline of 1%. However, a year ago this figure was equal to 2,231 billion, i.e. a growth of 11%.
Net profit for the quarter amounted to 1,572 billion. Is 454% more than in the previous quarter, when profit was equal to 284 million dollars, and 602% higher than in the fourth quarter of 2015, when net income was equal to $ 224 million.
During the year the Corning company had revenue of 9.39 billion, which is 3% higher than in 2015, when the income was equal to 9,111 billion. Net profit for the year was equal 3,695 billion dollars, which is 176% higher than in 2015, when the figure was equal to 1,339 billion dollars.
The main factors contributing to the growth, the manufacturer considers record sales of Corning Gorilla Glass and the growth of demand for production equipment for fiber optical communication.