Earnings roundup: Corning, Allianz

Among the earnings stories for Tuesday, April 29, from AP Financial News:

Top stories:

ROCHESTER, N.Y. (AP) _ Corning Inc. said Tuesday its first-quarter profit more than tripled to more than $1 billion, exceeding Wall Street's expectations on soaring demand for glass used in flat-screen televisions and computers.

BERLIN (AP) _ German insurer Allianz SE said Tuesday that its first-quarter profit slid 66 percent because of fallout from the global credit crisis and warned it will report write-downs of nearly $1.4 billion at its Dresdner Bank unit.

Other Stories:

PHOENIX (AP) _ Pinnacle West Corp. lost money in the first quarter because of swelling costs and a slumping real estate market, the power company said Tuesday.

AUSTIN, Texas (AP) _ Temple-Inland Inc., which makes packaging and building products, said Tuesday it swung to a loss in the first-quarter as rising costs for fiber, energy and shipping more than offset higher product prices.

WESTFORD, Mass. (AP) _ Cosmetic treatment equipment maker Cynosure Inc. said Tuesday its first-quarter profit more than doubled on strong demand for its aesthetic laser products.

NEW YORK (AP) _ Canada-based industrial equipment auctioneer Ritchie Bros. Auctioneers Inc. said Tuesday its first-quarter profit slipped 7 percent on increased operating expenses.

MILWAUKEE (AP) _ Electric and natural gas utility Wisconsin Energy Corp. on Tuesday said its first-quarter profit jumped 22 percent, as especially cold winter weather boosted heating demand.

NEENAH, Wis. (AP) _ Bemis Co., which makes flexible packaging for food and manufacturing industries, said Tuesday its first-quarter profit fell 12 percent on higher costs for raw materials, including resin and chemicals.