Corning Inc. Third Quarter Earnings Sneak Peek

S&P 500 (NYSE:SPY) component Corning, Inc. (NYSE:GLW) will unveil its latest earnings on Wednesday, October 26, 2011. 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 42 cents per share, a decline of 17.6% 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 54 cents. Between one and three months ago, the average estimate moved down. It has been unchanged at 42 cents during the last month. For the year, analysts are projecting profit of $1.80 per share, a decline of 13% from last year.

Past Earnings Performance: The company is looking to beat analyst estimates for the third quarter in a row. Last quarter, it beat estimates with net income of 48 cents per share against the mean estimate of 47 cents. In the prior quarter, the company reported profit of 47 cents.

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Wall St. Revenue Expectations: Analysts are projecting a rise of 26.3% in revenue from the year-earlier quarter to $2.02 billion.

Analyst Ratings: Analysts are bullish on this stock with 10 analysts rating it as a buy, none rating it as a sell and five rating it as a hold.

A Look Back: In the second quarter, profit fell 17.3% to $755 million (47 cents a share) from $913 million (58 cents a share) the year earlier, but exceeded analyst expectations. Revenue rose 17.1% to $2 billion from $1.71 billion.

Key Stats:

Revenue has risen the past four quarters. Revenue rose 23.8% in the first quarter from the year earlier, climbed 15.2% in the fourth quarter of the last fiscal year from the year-ago quarter and 8.3% in the third quarter of the last fiscal year.

The company has seen net income fall in each of the last two quarters. Net income dropped 8.3% in the first quarter.

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), II-VI, Inc. (NASDAQ:IIVI), and Portmeirion Group PLC (PMP).

Stock Price Performance: During July 27, 2011 to October 20, 2011, the stock price had fallen $2.80 (-17.5%) from $15.98 to $13.18. 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% (+92 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% (-$1.87) over that span. Shares are down $5.98 (-31.2%) year to date.

(Source: Xignite Financials)

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