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What's in the Offing for Corning (GLW) This Earnings Season?
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Corning Incorporated (GLW - Free Report) is set to report first-quarter 2021 results on Apr 27, before the opening bell. In the last reported quarter, the company delivered a positive earnings surprise of 8.3%. It pulled off a trailing four-quarter earnings surprise of 41.6%, on average.
This specialty glass maker is expected to have recorded higher aggregate revenues year over year, driven by strong execution across its portfolio. It continues to benefit from improving demand and commercialization of its innovations.
Factors at Play
During the first quarter, Corning expanded its contract with the U.S. Departments of Defense and Health and Human Services. It received an additional $57 million in funding to address the growing demand for domestic glass tubing and vial manufacturing capacity.
The Zacks Consensus Estimate for the Optical Communications segment’s net sales is pegged at $959 million. The figure indicates a rise of 21.2% from the year-ago quarter’s reported figure. The higher projection reflects strength in carrier and enterprise businesses.
The Display Technologies segment is expected to have benefited from higher glass volume.
The consensus estimate for Specialty Materials sales is $429 million, which indicates growth of 21.9% year over year. The segment’s performance is likely to have been driven by solid demand for premium cover materials, strength in the IT market and demand for semiconductor-related materials.
The consensus estimate for Environmental Technologies sales is pegged at $420 million, which suggests growth of 31.3%. This reflects greater adoption of gasoline particulate filters and diesel filters to meet regulations in China that increased Corning’s total addressable market.
The consensus estimate for Life Sciences sales stands at $281 million, which implies an increase from $258 million reported in the prior-year quarter.
For the March quarter, the Zacks Consensus Estimate for revenues is pegged at $3,128 million, indicating growth of 23.7% from the year-ago quarter’s reported figure. The consensus estimate for adjusted earnings per share is pegged at 42 cents, which suggests an increase of 110%.
What Our Model Says
Our proven model doesn’t conclusively predict an earnings beat for Corning this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Earnings ESP: Corning’s Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, is -0.72%.
Zacks Rank: Corning currently carries a Zacks Rank #2.
Stocks to Consider
Here are some companies that you may want to consider as our model shows that these have the right combination of elements to post an earnings beat this quarter:
Great Western Bancorp, Inc. is slated to release second-quarter fiscal 2021 results on Apr 29. It has an Earnings ESP of +5.46% and a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
United States Steel Corporation (X - Free Report) is scheduled to release first-quarter 2021 results on Apr 29. The company has an Earnings ESP of +29.67% and a Zacks Rank #2.
Generac Holdings Inc. (GNRC - Free Report) has an Earnings ESP of +2.97% and a Zacks Rank of 2. The company is set to report first-quarter 2021 results on Apr 29.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
Image: Bigstock
What's in the Offing for Corning (GLW) This Earnings Season?
Corning Incorporated (GLW - Free Report) is set to report first-quarter 2021 results on Apr 27, before the opening bell. In the last reported quarter, the company delivered a positive earnings surprise of 8.3%. It pulled off a trailing four-quarter earnings surprise of 41.6%, on average.
This specialty glass maker is expected to have recorded higher aggregate revenues year over year, driven by strong execution across its portfolio. It continues to benefit from improving demand and commercialization of its innovations.
Factors at Play
During the first quarter, Corning expanded its contract with the U.S. Departments of Defense and Health and Human Services. It received an additional $57 million in funding to address the growing demand for domestic glass tubing and vial manufacturing capacity.
The Zacks Consensus Estimate for the Optical Communications segment’s net sales is pegged at $959 million. The figure indicates a rise of 21.2% from the year-ago quarter’s reported figure. The higher projection reflects strength in carrier and enterprise businesses.
The Display Technologies segment is expected to have benefited from higher glass volume.
The consensus estimate for Specialty Materials sales is $429 million, which indicates growth of 21.9% year over year. The segment’s performance is likely to have been driven by solid demand for premium cover materials, strength in the IT market and demand for semiconductor-related materials.
The consensus estimate for Environmental Technologies sales is pegged at $420 million, which suggests growth of 31.3%. This reflects greater adoption of gasoline particulate filters and diesel filters to meet regulations in China that increased Corning’s total addressable market.
The consensus estimate for Life Sciences sales stands at $281 million, which implies an increase from $258 million reported in the prior-year quarter.
For the March quarter, the Zacks Consensus Estimate for revenues is pegged at $3,128 million, indicating growth of 23.7% from the year-ago quarter’s reported figure. The consensus estimate for adjusted earnings per share is pegged at 42 cents, which suggests an increase of 110%.
What Our Model Says
Our proven model doesn’t conclusively predict an earnings beat for Corning this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Earnings ESP: Corning’s Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, is -0.72%.
Corning Incorporated Price and EPS Surprise
Corning Incorporated price-eps-surprise | Corning Incorporated Quote
Zacks Rank: Corning currently carries a Zacks Rank #2.
Stocks to Consider
Here are some companies that you may want to consider as our model shows that these have the right combination of elements to post an earnings beat this quarter:
Great Western Bancorp, Inc. is slated to release second-quarter fiscal 2021 results on Apr 29. It has an Earnings ESP of +5.46% and a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
United States Steel Corporation (X - Free Report) is scheduled to release first-quarter 2021 results on Apr 29. The company has an Earnings ESP of +29.67% and a Zacks Rank #2.
Generac Holdings Inc. (GNRC - Free Report) has an Earnings ESP of +2.97% and a Zacks Rank of 2. The company is set to report first-quarter 2021 results on Apr 29.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>