Corning Inc.

Companies highlighted in this weekly wrap include Corning Inc. (GLW - Snapshot Report), Best Buy Co., Inc. (BBY - Analyst Report), Quest Diagnostics Incorporated (DGX - Snapshot Report), Allied World Assurance Company Holdings, Ltd (AWH - Snapshot Report) and DeVry, Inc. (DV - Analyst Report).

---

Corning Inc. (GLW - Snapshot Report) recently declared a quarterly dividend of 5 cents per share, noting that it is payable June 30 to holders of record on June 1. GLW offers an industry-leading yield of 1.4%.

Strong Results

The company recently announced results for the first quarter. Earnings per share of 10 cents lagged the year-prior 44 cents but jumped ahead of the consensus estimate by 67%.

Management said it saw continued worldwide retail strength of LCD TV sales throughout the first quarter, and the company was pleased to see demand for its glass pick up sooner than anticipated, noting that this was an indication that the display supply chain contraction was ending. Management said such factors contributed to stronger-than-expected sales and earnings performance the quarter.

Higher Forecasts

Corning is upbeat on its future as are analysts. Wall Street hiked current year earnings projections from 71 cents per share to 85 cents in just the past week. For the following year, estimates of $1.20 per share were increased from last week’s $1.00.

Solid Fundamentals

The company boasts a return on equity (ROE) of 19%, well ahead of the industry average of 3%. Corning’s wide net profit margin of 88% soars past a negative industry average. The company’s earnings per share are expected to grow by 18% over the next 3 – 5 years, versus an industry average projection of 13%.

Read our Jun 04, 2008 commentary on GLW.

Last Week's Growth and Income Zacks Rank Buy Stocks

Best Buy Co., Inc. (BBY - Analyst Report), which recently announced the grand opening of 8 new U.S. stores for the first fiscal quarter 2010, continues to see upbeat earnings forecasts from analysts. The company’s fundamentals remain strong and its dividend keeps outpacing the industry. Read the full analysis on BBY.

Quest Diagnostics Incorporated (DGX - Snapshot Report) recently delivered strong first-quarter results. Earnings per share of 89 cents topped the year-prior 72 cents and exceeded analysts’ expectations by 8.5%. Read the full analysis on DGX.

Allied World Assurance Company Holdings, Ltd (AWH - Snapshot Report) is seeing bullish estimates from Wall Street ahead of its first-quarter report. Earnings forecasts for the full year are at $7.46 per share, up 4 cents from last month and 24 cents higher than the projections of 2 months ago. AWH is scheduled to report on May 7. Read the full analysis on AWH.

DeVry, Inc. (DV - Analyst Report) saw a nice spike in share price after delivering strong results for the fiscal third quarter. Earnings per share of 70 cents came in well ahead of last year’s 53 cents and topped the consensus estimate by 4.5%. Read the full analysis on DV.