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Corning (GLW) Reports Q1 Earnings: What Key Metrics Have to Say
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For the quarter ended March 2023, Corning (GLW - Free Report) reported revenue of $3.37 billion, down 10.1% over the same period last year. EPS came in at $0.41, compared to $0.54 in the year-ago quarter.
The reported revenue represents a surprise of +1.25% over the Zacks Consensus Estimate of $3.33 billion. With the consensus EPS estimate being $0.39, the EPS surprise was +5.13%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Corning performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net sales- Display technologies: $763 million compared to the $696.26 million average estimate based on four analysts. The reported number represents a change of -20.4% year over year.
Net Sales- Telecom (Optical Communications): $1.13 billion versus the four-analyst average estimate of $1.14 billion. The reported number represents a year-over-year change of -6.1%.
Net sales- All Other (Hemlock and Emerging Growth Businesses): $386 million versus $349.10 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +2.9% change.
Net sales- Specialty Materials: $406 million versus the four-analyst average estimate of $448.07 million. The reported number represents a year-over-year change of -17.7%.
Net Sales- Life Sciences: $256 million versus $285.53 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -17.4% change.
Net Sales- Environmental Technologies: $431 million versus the four-analyst average estimate of $374.38 million. The reported number represents a year-over-year change of +5.4%.
Shares of Corning have returned +0.9% over the past month versus the Zacks S&P 500 composite's +4.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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Corning (GLW) Reports Q1 Earnings: What Key Metrics Have to Say
For the quarter ended March 2023, Corning (GLW - Free Report) reported revenue of $3.37 billion, down 10.1% over the same period last year. EPS came in at $0.41, compared to $0.54 in the year-ago quarter.
The reported revenue represents a surprise of +1.25% over the Zacks Consensus Estimate of $3.33 billion. With the consensus EPS estimate being $0.39, the EPS surprise was +5.13%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Corning performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Net sales- Display technologies: $763 million compared to the $696.26 million average estimate based on four analysts. The reported number represents a change of -20.4% year over year.
- Net Sales- Telecom (Optical Communications): $1.13 billion versus the four-analyst average estimate of $1.14 billion. The reported number represents a year-over-year change of -6.1%.
- Net sales- All Other (Hemlock and Emerging Growth Businesses): $386 million versus $349.10 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +2.9% change.
- Net sales- Specialty Materials: $406 million versus the four-analyst average estimate of $448.07 million. The reported number represents a year-over-year change of -17.7%.
- Net Sales- Life Sciences: $256 million versus $285.53 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -17.4% change.
- Net Sales- Environmental Technologies: $431 million versus the four-analyst average estimate of $374.38 million. The reported number represents a year-over-year change of +5.4%.
View all Key Company Metrics for Corning here>>>Shares of Corning have returned +0.9% over the past month versus the Zacks S&P 500 composite's +4.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.