Corning Posts 3Q EPS of 78 Cents
GLW sits 71% above its 52-week low of $77.39.
Summary
Corning reported third-quarter earnings per share of 78 cents, per Dow Jones Newswires, alongside adjusted earnings per share of 91 cents, net income of $680M, core gross margin of 40.5%, core operating margin of 22.7% and adjusted free cash flow of $661M. The company guided fourth-quarter adjusted EPS to 96 cents to $1.00 and sees fourth-quarter core sales up about 19% to $5.2B-$5.3B. Context matters here: Q2 revenue rose 17% to $4.5B on a 32% jump in Optical Communications, and since then the company has stacked up a multi-year Verizon supply agreement covering over 80 million miles of fiber and an expanded Zayo deal, while also launching a $2.0B at-the-market equity program in September. Those optical wins are the demand engine behind the print, and the ATM means share count is creeping up, so per-share figures deserve a close look against the top line.
Updates
· SEC 8-K — Corning's Q3 core sales rose 19% to $5.08B and core EPS $0.91; Q4 core sales guided to $5.2B-$5.3B and core EPS $0.96-$1.00.
At the time of this announcement, GLW was trading at $132.65 on NYSE in the Technology sector, with a market capitalization of approximately $110B. 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 8 out of 10. Source: Dow Jones Newswires.