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Compared to Estimates, Corning (GLW) Q2 Earnings: A Look at Key Metrics
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For the quarter ended June 2024, Corning (GLW - Free Report) reported revenue of $3.6 billion, up 3.5% over the same period last year. EPS came in at $0.47, compared to $0.45 in the year-ago quarter.
The reported revenue represents a surprise of +3.21% over the Zacks Consensus Estimate of $3.49 billion. With the consensus EPS estimate being $0.46, the EPS surprise was +2.17%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
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: $1.01 billion versus $942.54 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +9.3% change.
Net Sales- Optical Communications: $1.11 billion versus the five-analyst average estimate of $1.05 billion. The reported number represents a year-over-year change of +4.4%.
Net Sales- Hemlock and Emerging Growth Businesses: $296 million versus the five-analyst average estimate of $332.78 million. The reported number represents a year-over-year change of -21.5%.
Net Sales- Specialty Materials: $501 million versus $471.84 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +18.4% change.
Net Sales- Life Sciences: $249 million compared to the $244.26 million average estimate based on five analysts. The reported number represents a change of +7.8% year over year.
Net Sales- Environmental Technologies: $431 million versus $459.06 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -5.7% change.
Segment Net Income- Optical Communications: $143 million compared to the $113.84 million average estimate based on three analysts.
Segment Net Income- Display Technologies: $258 million versus $230.05 million estimated by three analysts on average.
Segment Net Income- Life Sciences: $17 million versus the three-analyst average estimate of $13.27 million.
Segment Net Income- Environmental Technologies: $97 million versus the three-analyst average estimate of $104.14 million.
Segment Net Income- Specialty Materials: $63 million compared to the $53.64 million average estimate based on three analysts.
Segment Net Income- Hemlock and Emerging Growth Businesses: -$23 million compared to the -$9.93 million average estimate based on two analysts.
Shares of Corning have returned +10.4% over the past month versus the Zacks S&P 500 composite's +0.1% change. The stock currently has a Zacks Rank #1 (Strong Buy), indicating that it could outperform the broader market in the near term.
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Compared to Estimates, Corning (GLW) Q2 Earnings: A Look at Key Metrics
For the quarter ended June 2024, Corning (GLW - Free Report) reported revenue of $3.6 billion, up 3.5% over the same period last year. EPS came in at $0.47, compared to $0.45 in the year-ago quarter.
The reported revenue represents a surprise of +3.21% over the Zacks Consensus Estimate of $3.49 billion. With the consensus EPS estimate being $0.46, the EPS surprise was +2.17%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
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: $1.01 billion versus $942.54 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +9.3% change.
- Net Sales- Optical Communications: $1.11 billion versus the five-analyst average estimate of $1.05 billion. The reported number represents a year-over-year change of +4.4%.
- Net Sales- Hemlock and Emerging Growth Businesses: $296 million versus the five-analyst average estimate of $332.78 million. The reported number represents a year-over-year change of -21.5%.
- Net Sales- Specialty Materials: $501 million versus $471.84 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +18.4% change.
- Net Sales- Life Sciences: $249 million compared to the $244.26 million average estimate based on five analysts. The reported number represents a change of +7.8% year over year.
- Net Sales- Environmental Technologies: $431 million versus $459.06 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a -5.7% change.
- Segment Net Income- Optical Communications: $143 million compared to the $113.84 million average estimate based on three analysts.
- Segment Net Income- Display Technologies: $258 million versus $230.05 million estimated by three analysts on average.
- Segment Net Income- Life Sciences: $17 million versus the three-analyst average estimate of $13.27 million.
- Segment Net Income- Environmental Technologies: $97 million versus the three-analyst average estimate of $104.14 million.
- Segment Net Income- Specialty Materials: $63 million compared to the $53.64 million average estimate based on three analysts.
- Segment Net Income- Hemlock and Emerging Growth Businesses: -$23 million compared to the -$9.93 million average estimate based on two analysts.
View all Key Company Metrics for Corning here>>>Shares of Corning have returned +10.4% over the past month versus the Zacks S&P 500 composite's +0.1% change. The stock currently has a Zacks Rank #1 (Strong Buy), indicating that it could outperform the broader market in the near term.