Corning Inc. First Quarter Earnings Sneak Peek

S&P 500 (NYSE:SPY) component Corning, Inc. (NYSE:GLW) will unveil its latest earnings on Wednesday, April 25, 2012. Corning provides glass for LCD televisions, computer monitors, and other information display applications as well as optical fiber and cable products.

Corning, Inc. Earnings Preview Cheat Sheet

Wall St. Earnings Expectations: The average estimate of analysts is for net income of 28 cents per share, a decline of 40.4% from the company’s actual earnings for the same quarter a year ago. During the past three months, the average estimate has moved down from 35 cents. Between one and three months ago, the average estimate moved down. It has been unchanged at 28 cents during the last month. Analysts are projecting profit to rise by 23.9% compared to last year’s $1.34.

Past Earnings Performance: Last quarter, the company beat estimates by one cent, coming in at profit of 33 cents a share versus the estimate of net income of 32 cents a share. It marked the fourth straight quarter of beating estimates.

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Wall St. Revenue Expectations: Analysts are projecting a decline of 2.6% in revenue from the year-earlier quarter to $1.87 billion.

Analyst Ratings: Of the 20 analysts surveyed, 12 (60%) rate Corning a buy. This falls under the mean analyst rating of seven competitors, which average 62.7% buy ratings.

A Look Back: In the fourth quarter of the last fiscal year, profit fell 53% to $491 million (31 cents a share) from $1.04 billion (66 cents a share) the year earlier, but exceeded analyst expectations. Revenue rose 6.9% to $1.89 billion from $1.76 billion.

Key Stats:

Revenue has increased in each of the past four quarters. Revenue rose 29.5% in the third quarter of the last fiscal year from the year earlier, climbed 17.1% in the second quarter of the last fiscal year from the year-ago quarter and 23.8% in the first quarter of the last fiscal year.

The decrease in profit in the fourth quarter of the last fiscal year came after net income rose in the previous quarter. In the third quarter of the last fiscal year, net income rose 3.3%.

Stock Price Performance: Between January 24, 2012 and April 19, 2012, the stock price fell $1.01 (-6.9%), from $14.54 to $13.53. The stock price saw one of its best stretches over the last year between December 30, 2011 and January 11, 2012, when shares rose for eight straight days, increasing 10.3% (+$1.33) over that span. It saw one of its worst periods between November 15, 2011 and November 25, 2011 when shares fell for eight straight days, dropping 10.2% (-$1.58) over that span.

(Company fundamentals by Xignite Financials. Earnings estimates provided by Zacks)

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