Corning Earnings: Here’s Why the Stock is Up Now
Corning Inc. (NYSE:GLW) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 4.87%.
Corning Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 0% to $0.3 in the quarter versus EPS of $0.30 in the year-earlier quarter.
Revenue: Decreased 5.52% to $1.81 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Corning Inc. reported adjusted EPS income of $0.3 per share. By that measure, the company beat the mean analyst estimate of $0.24. It missed the average revenue estimate of $1.96 billion.
Quoting Management: “We believe the future for Corning is very bright. Our business results are improving, and we have seen two consecutive quarters of year-over-year core profitability improvements*. In the display industry, we have stabilized our market share, moderated price declines and we are reestablishing positive momentum in the business. And, we are seeing positive signs of earnings growth across all our other businesses,” Wendell P. Weeks, chairman, chief executive officer and president, said.
Key Stats (on next page)…
Revenue decreased 15.47% from $2.15 billion in the previous quarter. EPS decreased 11.76% from $0.34 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 $0.32 to a profit $0.28. For the current year, the average estimate has moved down from a profit of $1.31 to a profit of $1.17 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)