We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Corning (GLW) Reports Q3 Earnings: What Key Metrics Have to Say
Read MoreHide Full Article
For the quarter ended September 2023, Corning (GLW - Free Report) reported revenue of $3.46 billion, down 5.7% over the same period last year. EPS came in at $0.45, compared to $0.51 in the year-ago quarter.
The reported revenue represents a surprise of -1.22% over the Zacks Consensus Estimate of $3.5 billion. With the consensus EPS estimate being $0.46, the EPS surprise was -2.17%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Corning performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net Sales- Display Technologies: $972 million compared to the $976.80 million average estimate based on five analysts. The reported number represents a change of +41.7% year over year.
Net Sales- Optical Communications: $918 million versus $1.08 billion estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -30.3% change.
Net Sales- Hemlock and Emerging Growth Businesses: $327 million versus $348.14 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -19.7% change.
Net Sales- Specialty Materials: $563 million versus the five-analyst average estimate of $463.38 million. The reported number represents a year-over-year change of +8.5%.
Net Sales- Life Sciences: $230 million versus $238.34 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -26.3% change.
Net Sales- Environmental Technologies: $449 million compared to the $436.43 million average estimate based on five analysts. The reported number represents a change of +5.7% year over year.
Segment Net Income- Optical Communications: $91 million compared to the $150.26 million average estimate based on three analysts.
Segment Net Income- Display Technologies: $242 million versus $207.48 million estimated by three analysts on average.
Segment Net Income- Life Sciences: $13 million versus the three-analyst average estimate of $20.82 million.
Segment Net Income- Environmental Technologies: $99 million versus the three-analyst average estimate of $89.76 million.
Segment Net Income- Specialty Materials: $72 million versus $70.63 million estimated by three analysts on average.
Segment Net Income- Hemlock and Emerging Growth Businesses: -$8 million versus the two-analyst average estimate of $17.05 million.
Shares of Corning have returned -13.1% over the past month versus the Zacks S&P 500 composite's -2.3% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Corning (GLW) Reports Q3 Earnings: What Key Metrics Have to Say
For the quarter ended September 2023, Corning (GLW - Free Report) reported revenue of $3.46 billion, down 5.7% over the same period last year. EPS came in at $0.45, compared to $0.51 in the year-ago quarter.
The reported revenue represents a surprise of -1.22% over the Zacks Consensus Estimate of $3.5 billion. With the consensus EPS estimate being $0.46, the EPS surprise was -2.17%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Corning performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Net Sales- Display Technologies: $972 million compared to the $976.80 million average estimate based on five analysts. The reported number represents a change of +41.7% year over year.
- Net Sales- Optical Communications: $918 million versus $1.08 billion estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -30.3% change.
- Net Sales- Hemlock and Emerging Growth Businesses: $327 million versus $348.14 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -19.7% change.
- Net Sales- Specialty Materials: $563 million versus the five-analyst average estimate of $463.38 million. The reported number represents a year-over-year change of +8.5%.
- Net Sales- Life Sciences: $230 million versus $238.34 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -26.3% change.
- Net Sales- Environmental Technologies: $449 million compared to the $436.43 million average estimate based on five analysts. The reported number represents a change of +5.7% year over year.
- Segment Net Income- Optical Communications: $91 million compared to the $150.26 million average estimate based on three analysts.
- Segment Net Income- Display Technologies: $242 million versus $207.48 million estimated by three analysts on average.
- Segment Net Income- Life Sciences: $13 million versus the three-analyst average estimate of $20.82 million.
- Segment Net Income- Environmental Technologies: $99 million versus the three-analyst average estimate of $89.76 million.
- Segment Net Income- Specialty Materials: $72 million versus $70.63 million estimated by three analysts on average.
- Segment Net Income- Hemlock and Emerging Growth Businesses: -$8 million versus the two-analyst average estimate of $17.05 million.
View all Key Company Metrics for Corning here>>>Shares of Corning have returned -13.1% over the past month versus the Zacks S&P 500 composite's -2.3% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.