Corning (NYSE:GLW) reported fiscal 2014 first-quarter earnings before the market opened today. Sales surged 26% in the quarter, with Corning generating net revenue of $2.3 billion, in line with analyst expectations for the period. The specialty glassmaker posted non-generally accepted accounting principles, or non-GAAP, earnings per share that beat by a penny at $0.31 per diluted share, which was up 7% over the same period a year ago.
Corning's decision to integrate Corning Precision Materials into its Display Technologies business helped boost sales by 58% in that segment to $1 billion over the year-ago period. "We are continuing our trend of core earnings improvement with our first-quarter performance. This represents our sixth consecutive quarter of year-over-year core earnings growth," said Wendell P. Weeks, Corning's chief executive.
The company's optical communications business also saw improvements in the quarter, as sales increased 26% to $593 million in the period. Moreover, Corning delivered incremental growth across all of its business segments. Additionally, it completed its $2 billion share repurchase program that it announced a year ago and began a new buyback program as part of its Corning Precision Materials acquisition. Shares of Corning were trading down less than 1% at around $20.72 as of 9:45 a.m. on Monday.
Tamara Rutter owns shares of Corning. The Motley Fool recommends and owns shares of Corning. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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