Corning delivers revenue and earnings beats

4 months ago 28
PR Distribution

Shares of Corning Inc. GLW, -3.00% are up 0.6% successful premarket trading Tuesday aft the shaper of optical technologies posted better-than-expected gross and net for its 2nd quarter. The institution posted GAAP nett income of $449 million, down from $599 cardinal a twelvemonth earlier. The institution posted a GAAP nonaccomplishment per stock of 42 cents and halfway net per stock of 53 cents, with the quality betwixt GAAP and halfway EPS reflecting a one-time accounting attraction stemming from a preferred-share transaction with Samsung Display Co. Ltd. that reduced Corning's afloat diluted stock number by 35 million. The FactSet statement for the latest 4th called for 51 cents successful EPS. Corning's GAAP nonaccomplishment per stock for the year-prior 4th was 13 cents and its halfway EPS was 25 cents. The institution posted GAAP nett income of $3.5 cardinal for the quarter, up from $2.6 cardinal a twelvemonth earlier, portion the FactSet statement called for $3.4 billion. "We are increasing faster than our underlying markets and achieved a gross milestone of $3.5 billion, establishing a beardown income tally rate," Chief Executive Wendell Weeks said successful a release. The institution expects halfway income of $3.5 cardinal to $3.7 cardinal for the 3rd 4th arsenic good arsenic halfway EPS of 54 cents to 59 cents. Corning shares person mislaid 7.8% implicit the past 3 months arsenic the S&P 500 SPX, -0.37% has risen 5.6%.

Read Entire Article