Corning Lifts 2030 Sales Target to $40B After Q3 Beat, Guides Q4 Above Consensus
GLW sits 63% above its 52-week low of $77.39.
Summary
Corning used its Q3 report to raise the long-term bar: $40 billion in annualized sales by the end of 2030, double the $20 billion run rate it expects to hit this year, with a $30 billion waypoint by end-2028. Management now sees sales compounding at 19% from 2027 through 2030, up from 15% in the first three years of the Springboard Plan. The Q3 numbers behind it were strong — core sales up 19% to $5.08 billion, core EPS up 36% to $0.91, and Optical Communications up 44% with Gen AI product sales more than doubling year over year. Q4 guidance of $0.96-$1.00 adjusted EPS and $5.2-$5.3 billion in sales both top consensus. The stock is still trading slightly lower Tuesday, so the market is not paying up for the targets yet; the four multibillion-dollar customer agreements signed in Q3, including Verizon and AT&T, are what underwrite the expansion.
At the time of this announcement, GLW was trading at $126.47 on NYSE in the Technology sector, with a market capitalization of approximately $108.9B. The 52-week trading range was $77.39 to $271.78. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Benzinga.