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Corning to Invest More in Production Unit in China's Hefei
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Corning Incorporated (GLW - Free Report) recently announced that it will invest in an existing production facility in the Hefei Xinzhan Hi-Tech Industrial Development Zone in the Anhui Province, China to augment its Automotive Glass Solutions business, with support from the local government.
The investment is likely to deliver the capability, quality and capacity required to drive innovation and offer drivers with the desired connectivity and user experience. Gorilla Glass for Automotive has caught the attention of leading automakers and consumers. It enables more than one-third weight reduction compared with conventional car windows and therefore contributes to lighter vehicle weights, which can improve a car’s acceleration, handling and braking performance. Also, it enables an excellent multi-touch response, better viewing and an enhanced communication experience for a more connected car.
Corning selects its manufacturing units close to customers to minimize carrying cost of inventory. This makes Hefei an ideal location. In addition, Hefei has an excellent infrastructure and a solid base of cheap-skilled local talent availability, which reduces its cost of production. This will give the company a competitive edge over its peers.
The company expects this retrofitted facility to be fully operational by 2019. It will manufacture Corning Gorilla Glass for Automotive Interiors and will help to bring on new capacity quickly and efficiently for the growth of its automotive glass solutions business. The strategic move indicates Corning’s continual commitment to China and marks its third investment in Hefei in the past three years. This will enable the company to deliver technical glass solutions that address and accelerate the adoption of more dynamic and visually appealing in-vehicle infotainment systems. Corning’s cover-glass innovations deliver superior performance and economics versus commodity materials, driving significant pull for the products.
Corning is a leader in the display, mobile consumer electronics and automotive markets, which positions it well to deliver advanced technical glass solutions and an extensive partner ecosystem to its auto glass customers. The company has more than 40 years of OEM market presence in the automotive industry with its cellular ceramic substrates that take harmful emissions out of vehicle exhaust systems.
In the past three months, the stock has gained 2.6% compared with the industry growth of 3.7%.
Corning currently carries a Zacks Rank #2 (Buy). Other top-ranked stocks in the industry include Turtle Beach Corporation (HEAR - Free Report) , Arista Networks, Inc. (ANET - Free Report) and SeaChange International, Inc. (SEAC - Free Report) . While Turtle Beach sports a Zacks Rank #1 (Strong Buy), Arista Networks and SeaChange International carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Turtle Beach has a long-term earnings growth expectation of 13%. It exceeded earnings estimates twice in the trailing four quarters with an average positive surprise of 33.7%.
Arista Networks has a long-term earnings growth expectation of 21.2%. It beat earnings estimates in each of the trailing four quarters, the average being 25.5%.
SeaChange International has a long-term earnings growth expectation of 10%. It exceeded earnings estimates thrice in the trailing four quarters with an average positive surprise of 282.8%.
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It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
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Corning to Invest More in Production Unit in China's Hefei
Corning Incorporated (GLW - Free Report) recently announced that it will invest in an existing production facility in the Hefei Xinzhan Hi-Tech Industrial Development Zone in the Anhui Province, China to augment its Automotive Glass Solutions business, with support from the local government.
The investment is likely to deliver the capability, quality and capacity required to drive innovation and offer drivers with the desired connectivity and user experience. Gorilla Glass for Automotive has caught the attention of leading automakers and consumers. It enables more than one-third weight reduction compared with conventional car windows and therefore contributes to lighter vehicle weights, which can improve a car’s acceleration, handling and braking performance. Also, it enables an excellent multi-touch response, better viewing and an enhanced communication experience for a more connected car.
Corning selects its manufacturing units close to customers to minimize carrying cost of inventory. This makes Hefei an ideal location. In addition, Hefei has an excellent infrastructure and a solid base of cheap-skilled local talent availability, which reduces its cost of production. This will give the company a competitive edge over its peers.
The company expects this retrofitted facility to be fully operational by 2019. It will manufacture Corning Gorilla Glass for Automotive Interiors and will help to bring on new capacity quickly and efficiently for the growth of its automotive glass solutions business. The strategic move indicates Corning’s continual commitment to China and marks its third investment in Hefei in the past three years. This will enable the company to deliver technical glass solutions that address and accelerate the adoption of more dynamic and visually appealing in-vehicle infotainment systems. Corning’s cover-glass innovations deliver superior performance and economics versus commodity materials, driving significant pull for the products.
Corning is a leader in the display, mobile consumer electronics and automotive markets, which positions it well to deliver advanced technical glass solutions and an extensive partner ecosystem to its auto glass customers. The company has more than 40 years of OEM market presence in the automotive industry with its cellular ceramic substrates that take harmful emissions out of vehicle exhaust systems.
In the past three months, the stock has gained 2.6% compared with the industry growth of 3.7%.
Corning currently carries a Zacks Rank #2 (Buy). Other top-ranked stocks in the industry include Turtle Beach Corporation (HEAR - Free Report) , Arista Networks, Inc. (ANET - Free Report) and SeaChange International, Inc. (SEAC - Free Report) . While Turtle Beach sports a Zacks Rank #1 (Strong Buy), Arista Networks and SeaChange International carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Turtle Beach has a long-term earnings growth expectation of 13%. It exceeded earnings estimates twice in the trailing four quarters with an average positive surprise of 33.7%.
Arista Networks has a long-term earnings growth expectation of 21.2%. It beat earnings estimates in each of the trailing four quarters, the average being 25.5%.
SeaChange International has a long-term earnings growth expectation of 10%. It exceeded earnings estimates thrice in the trailing four quarters with an average positive surprise of 282.8%.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>