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Corning, New York-based Corning Incorporated (GLW), is a prominent material science and technology company that serves diverse markets such as optical communications, mobile consumer electronics, display technology, automotive, and life sciences. Additionally, the company manufactures advanced glass substrates, which are utilized in various applications across various industries. Its market cap currently stands at $39.2 billion. Corning Incorporated is projected to release its fiscal 2024 Q2 earnings results before the market opens on Tuesday, Jul. 30.
Ahead of the event, analysts expect Corning Incorporated to report a profit of $0.46 per share, up 2.2% from $0.45 per share in the year-ago quarter. The company has exceeded or met Wall Street’s EPS estimates in two of the last four quarters while missing on the other two occasions.
Corning Incorporated’s EPS of $0.38 for the last reported quarter dropped 7% year over year amid soft demand in the optical communications and life sciences vertical but beat the consensus estimate by 5.6%.
Over the longer term, analysts expect Corning Incorporated to report an EPS of $1.94 in fiscal 2024, up 14.1% from $1.70 in fiscal year 2023. Moreover, its fiscal 2025 EPS is projected to rise 18.6% annually to $2.30.
Over the past 52 weeks, GLW stock has soared 37.7%, surpassing the broader S&P 500 Index's ($SPX) 25.8% gains and the Technology Select Sector SPDR Fund’s (XLK) 32.6% returns during the same period.
GLW’s solid momentum is driven by ongoing investments in research, development, and engineering, as well as groundbreaking innovations in materials and processes and robust customer partnerships. Additionally, on Apr. 30, the electronic component company reported its Q1 earnings, which significantly exceeded Wall Street expectations for both revenue and profit. This announcement spiked its share prices by 5% on the same day.
Additionally, the stock jumped about 12% on July 8 when the company announced that it expects its second-quarter 2024 core sales to be around $3.6 billion, up from the previously anticipated $3.4 billion, with core EPS expected at the higher end or slightly above the range of $0.42 to $0.46. CEO Wendell Weeks attributes this outperformance to the strong adoption of new optical connectivity products for Generative AI, supporting the company's 'Springboard' plan to add over $3 billion in annualized sales within the next three years.
The current consensus opinion on Corning Incorporated stock is “Moderate Buy” overall. Out of 12 analysts covering the stock, six suggest a “Strong Buy,” and the remaining six advise a “Hold.” This consensus is slightly more bullish than two months ago when four analysts recommended a “Strong Buy” rating.
On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
