Corning (NYSE: GLW) reported Q4 EPS of $0.34, $0.02 better than the analyst estimate of $0.32. Revenue for the quarter came in at $2.4 billion versus the consensus estimate of $2.33 billion.

Corning provided the following expectations for its business segments in the first quarter of 2016:

• Display Technologies: In the first quarter, Corning anticipates that panel maker utilization will continue to decline, which will reduce inventory levels in the supply chain. As a result, the overall glass market and Corning's LCD glass volume are expected to decline by a mid-to-high single-digit percentage sequentially. Corning's LCD glass price decline is expected to be moderate, achieving what will be one of the lowest first-quarter declines in five years.

For the full year, Corning expects moderate sequential price declines to continue, and its glass volume to grow by a mid-single-digit percentage year over year, in line with total glass demand growth. Corning expects global television unit sales will grow by a low single-digit percentage, and the average screen size will increase by at least 1.5 inches. The company expects panel maker utilization to increase as the year progresses, and retail LCD glass area demand to be up by a high single-digit percentage in 2016.

During January, Corning took advantage of the stronger yen to extend its hedges. Corning is now hedged for approximately 70 percent of its projected yen exposure for the period 2016 through 2022 at a blended rate significantly below the recent spot prices. Corning will provide more details during today's conference call.

• Optical Communications: Corning expects first-quarter sales to increase in the low-to-mid-single digit percentage range over its sales in the comparable period a year ago. For the full year, the company expects sales to increase by a mid-single-digit percentage and exceed the goal of two times the growth rate of industry capital expenditures.

• Specialty Materials: First-quarter sales are expected to decline year over year by a mid-teen percentage. For 2016, the company estimates annual sales will grow by a low-teen percentage. The variable timing of mobile device product launches drives Corning® Gorilla® Glass demand and is expected to cause significant swings in quarterly results.

• Environmental Technologies: The North American heavy-duty truck market is down after several years of robust growth. As a result, first-quarter sales are expected to decline by approximately 10%, compared with the same period last year. The full-year outlook is for sales to be down by a low single-digit percentage.

• Life Sciences: First-quarter sales are expected to increase by a low single-digit percentage, compared with last year. For the full year, sales are anticipated to grow faster than the market, which is expected to be up by a low single-digit percentage.

• Core equity earnings from Dow Corning are expected to be approximately $45 million.

For earnings history and earnings-related data on Corning (GLW) click here.