Corning Earnings: Double-Digit Revenue Growth Sparks Stock Surge

Corning Inc. (NYSE:GLW) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 4.2%.

Markets are at 5-year highs! Discover the best stocks to own. Click here for our fresh Feature Stock Pick now!

Corning Inc. Earnings Cheat Sheet

Results: Net income decreased -42.36% to $283 million (34 cents per diluted share) in the quarter versus a net gain of $491 million in the year-earlier quarter.

Revenue: Rose 13.94% to $2.15 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Corning Inc. reported adjusted net income of 34 cents per share. By that measure, the company beat the mean analyst estimate of $0.32. It beat the average revenue estimate of $2.07 billion.

Quoting Management:

“Corning made good progress in 2012, despite some challenging economic conditions and changing market environments,” Wendell P. Weeks, chairman, chief executive officer and president, said. “We set a record for annual sales performance and increased our dividend by 20 percent. And we advanced a number of new technological innovations, which we believe will open additional markets for our products in the future…

…We made major progress on our goal of stabilizing Display Technologies` performance, primarily through moderating price declines. Corning Gorilla Glass sales exceeded $1 billion for the year, a great example of another successful Corning innovation,” Weeks said.

Key Stats:

Revenue increased 5.5% from $2.04 billion in the previous quarter. Net income decreased 45.68% from $521 million in the previous quarter.

Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.31 to a profit $0.29. For the current year, the average estimate has moved up from a profit of $1.27 to a profit of $1.28 over the last ninety days.

Stocks with improving earnings metrics are worthy of your extra attention. In fact, “E = Earnings Are Increasing Quarter-Over-Quarter” is a core component of our CHEAT SHEET investing framework for this very reason. Don’t waste another minute – click here and get our CHEAT SHEET stock picks now.

(Company fundamentals provided by Xignite Financials.)