Specialty glass maker Corning Inc announced its better-than-expected fourth-quarter profit that tripled on surging margins, triggered by a strong demand from makers of flat panel televisions and portable computer monitors.

The company reported its earnings of $740 million, or 47 cents a share, up from $249 million, or 16 cents, a year earlier, exceeding Wall Street expectations. The latest quarter fetched a gain of 3 cents a share. Revenue increased
41% to $1.53 billion.

Analysts surveyed by Thomson Reuters had speculated per-share earnings of 42 cents on revenue of $1.45 billion.

"Momentum picked up in the second quarter, and our performance improved each quarter thereafter", Chairman and Chief Executive Wendell P. Weeks revealed.

The company's sales in Corning's Display Technologies segment witnessed a rise of 84% to $717 million on robust retail demand for LCD products. However, telecommunications sales fell 10% on account of reduced demand for new homes offset somewhat by sales in China.

Further, Corning cited that it expected a marginal recovery in the developed world economies and continued growth in China.