S&P 500 (NYSE:SPY) component Corning, Inc. (NYSE:GLW) will unveil its latest earnings on Wednesday, July 27, 2011. Corning Inc. provides high-performance 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 profit of 47 cents per share, a decline of 19% from the company’s actual earnings for the same quarter a year ago. The average estimate is the same as three months ago. Between one and three months ago, the average estimate was unchanged and it has not changed during the last month. For the year, analysts are projecting net income of $2.03 per share, a decline of 1.9% from last year.
Past Earnings Performance: The company beat estimates last quarter after falling short in the prior two. In the first quarter, the company reported profit of 47 cents per share versus a mean estimate of net income of 44 cents per share. In the fourth quarter of the last fiscal year, the company missed estimates by one cent.
Wall St. Revenue Expectations: On average, analysts predict $1.97 billion in revenue this quarter, a rise of 15.2% from the year ago quarter. Analysts are forecasting total revenue of $8.13 billion for the year, a rise of 22.6% from last year’s revenue of $6.63 billion.
Analyst Ratings: 11 out of 15 analysts surveyed (73.3%) have a buy rating on Corning.. This is below the mean analyst rating of seven competitors, which average 75% buy ratings.
The decrease in profit in the first quarter breaks a streak of three consecutive quarters of year-over-year profit increases. Net income fell 8.3% in the first quarter from the year earlier, while the figure rose 41.1% in the fourth quarter of the last fiscal year, 22.1% in the third quarter of the last fiscal year and 49.4% in the second quarter of the last fiscal year.
Revenue has risen the past four quarters. Revenue increased 23.8% to $1.92 billion in first quarter. The figure rose 15.2% in the fourth quarter of the last fiscal year from the year earlier, climbed 8.3% in the third quarter of the last fiscal year from the year-ago quarter and 22.7% in the second quarter of the last fiscal year.
Competitors to Watch: Owens Corning (NYSE:OC), PPG Industries, Inc. (NYSE:PPG), Research Frontiers, Inc. (NASDAQ:REFR), Newport Corporation (NASDAQ:NEWP), 3M Company (NYSE:MMM) and II-VI, Inc. (NASDAQ:IIVI).
Stock Price Performance: During April 26, 2011 to July 21, 2011, the stock price had fallen $3.55 (-17.3%) from $20.55 to $17. The stock price saw one of its best stretches over the last year between March 16, 2011 and March 25, 2011 when shares rose for eight-straight days, rising 4.5% (+93 cents) over that span. It saw one of its worst periods between March 25, 2011 and April 8, 2011 when shares fell for 11-straight days, falling 8.8% (-$1.88) over that span. Shares are down $2.23 (-11.6%) year to date.
(Source: Xignite Financials)