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Corning (GLW) Beats on Q2 Earnings & Revenue Estimates
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Corning Incorporated (GLW - Free Report) continues to benefit from sequential decline in LCD glass prices. Strong demand for the company’s Gorilla-sized automotive glass business and additional contract wins remain positives. Corning recently reached a milestone when its manufacturing facility in Kaiserslautern, Germany, produced its millionth Corning DuraTrap GC gasoline particulate filter for automotive emissions control.
Furthermore, penetration into developing regions and product portfolio expansion remain tailwinds. GLW is developing formulations that are not only suitable for imparting superior picture quality, but also taking care of their effects on the environment.
In the last four trailing quarters, GLW has beaten earnings estimates each time for an average positive surprise of 4.4%. As the extent of competition is increasing over time, investors have been eagerly waiting for the company’s latest earnings report.
Revenue: Revenues beats estimates. GLW posted core revenues of $2,759 million, higher than the Zacks Consensus Estimate of $2,678 million.
Key Stats to Note: The revenue improvement was attributed to year over year sales growth in each of the company’s businesses along with strong market demand and successful ramping of capacity expansions. Full year sales are likely to be up 10% year over year to $11.3 billion.
Stock Price: GLW shares were inactive following the release. It would be interesting to see how the market reacts to the results during the trading session today.
Check back for our full write up on this GLW earnings report later!
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
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Corning (GLW) Beats on Q2 Earnings & Revenue Estimates
Corning Incorporated (GLW - Free Report) continues to benefit from sequential decline in LCD glass prices. Strong demand for the company’s Gorilla-sized automotive glass business and additional contract wins remain positives. Corning recently reached a milestone when its manufacturing facility in Kaiserslautern, Germany, produced its millionth Corning DuraTrap GC gasoline particulate filter for automotive emissions control.
Furthermore, penetration into developing regions and product portfolio expansion remain tailwinds. GLW is developing formulations that are not only suitable for imparting superior picture quality, but also taking care of their effects on the environment.
In the last four trailing quarters, GLW has beaten earnings estimates each time for an average positive surprise of 4.4%. As the extent of competition is increasing over time, investors have been eagerly waiting for the company’s latest earnings report.
Currently, GLW carries a Zacks Rank #2 (Buy), but that could change following second-quarter 2018 earnings report which has just released. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
We have highlighted some of the key details from the announcement below:
Earnings: GLW beats on earnings. The Zacks Consensus Estimate called for EPS of 37 cents, and the company reported adjusted EPS of 38 cents.
Corning Incorporated Price and EPS Surprise
Corning Incorporated Price and EPS Surprise | Corning Incorporated Quote
Revenue: Revenues beats estimates. GLW posted core revenues of $2,759 million, higher than the Zacks Consensus Estimate of $2,678 million.
Key Stats to Note: The revenue improvement was attributed to year over year sales growth in each of the company’s businesses along with strong market demand and successful ramping of capacity expansions. Full year sales are likely to be up 10% year over year to $11.3 billion.
Stock Price: GLW shares were inactive following the release. It would be interesting to see how the market reacts to the results during the trading session today.
Check back for our full write up on this GLW earnings report later!
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>