Corning Earnings: Here’s Why Investors are Happy Now
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 2.27%.
Corning Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 3.23% to $0.32 in the quarter versus EPS of $0.31 in the year-earlier quarter.
Revenue: Rose 5.92% to $2.02 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Corning Inc. reported adjusted EPS income of $0.32 per share. By that measure, the company beat the mean analyst estimate of $0.31. It beat the average revenue estimate of $1.98 billion.
Quoting Management: Wendell P. Weeks, chairman, chief executive officer, and president, said, “In Corning`s strong second quarter, we achieved our third consecutive period of year-over-year EPS improvement. For the past 18 months, we have effectively managed our cost structure, brought stability to our LCD glass business, returned to earnings growth, and advanced our new-product portfolio. We are pleased with the progress we are making and believe our strategy is working.”
Key Stats (on next page)…
Revenue increased 11.41% from $1.81 billion in the previous quarter. EPS increased 6.67% from $0.30 in the previous quarter.
Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a profit of $0.34 and has not changed. For the current year, the average estimate has moved up from a profit of $1.27 to a profit of $1.29 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)