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Corning (GLW) Q1 Earnings: How Key Metrics Compare to Wall Street Estimates
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For the quarter ended March 2024, Corning (GLW - Free Report) reported revenue of $3.26 billion, down 3.2% over the same period last year. EPS came in at $0.38, compared to $0.41 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $3.12 billion, representing a surprise of +4.41%. The company delivered an EPS surprise of +5.56%, with the consensus EPS estimate being $0.36.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
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: $872 million versus $823.83 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +14.3% change.
Net Sales- Optical Communications: $930 million versus the five-analyst average estimate of $880.32 million. The reported number represents a year-over-year change of -17.3%.
Net Sales- Hemlock and Emerging Growth Businesses: $311 million versus the five-analyst average estimate of $337.98 million. The reported number represents a year-over-year change of -19.4%.
Net Sales- Specialty Materials: $454 million versus $408.72 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +11.8% change.
Net Sales- Life Sciences: $236 million compared to the $242.92 million average estimate based on five analysts. The reported number represents a change of -7.8% year over year.
Net Sales- Environmental Technologies: $455 million versus $425.87 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +5.6% change.
Segment Net Income- Optical Communications: $100 million compared to the $100.84 million average estimate based on three analysts.
Segment Net Income- Display Technologies: $201 million versus $207.49 million estimated by three analysts on average.
Segment Net Income- Life Sciences: $13 million compared to the $15.48 million average estimate based on three analysts.
Segment Net Income- Environmental Technologies: $105 million versus the three-analyst average estimate of $84.96 million.
Segment Net Income- Specialty Materials: $44 million versus $57.59 million estimated by three analysts on average.
Segment Net Income- Hemlock and Emerging Growth Businesses: -$10 million compared to the -$1.01 million average estimate based on two analysts.
Shares of Corning have returned -2.7% over the past month versus the Zacks S&P 500 composite's -2.5% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
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Corning (GLW) Q1 Earnings: How Key Metrics Compare to Wall Street Estimates
For the quarter ended March 2024, Corning (GLW - Free Report) reported revenue of $3.26 billion, down 3.2% over the same period last year. EPS came in at $0.38, compared to $0.41 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $3.12 billion, representing a surprise of +4.41%. The company delivered an EPS surprise of +5.56%, with the consensus EPS estimate being $0.36.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
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: $872 million versus $823.83 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +14.3% change.
- Net Sales- Optical Communications: $930 million versus the five-analyst average estimate of $880.32 million. The reported number represents a year-over-year change of -17.3%.
- Net Sales- Hemlock and Emerging Growth Businesses: $311 million versus the five-analyst average estimate of $337.98 million. The reported number represents a year-over-year change of -19.4%.
- Net Sales- Specialty Materials: $454 million versus $408.72 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +11.8% change.
- Net Sales- Life Sciences: $236 million compared to the $242.92 million average estimate based on five analysts. The reported number represents a change of -7.8% year over year.
- Net Sales- Environmental Technologies: $455 million versus $425.87 million estimated by five analysts on average. Compared to the year-ago quarter, this number represents a +5.6% change.
- Segment Net Income- Optical Communications: $100 million compared to the $100.84 million average estimate based on three analysts.
- Segment Net Income- Display Technologies: $201 million versus $207.49 million estimated by three analysts on average.
- Segment Net Income- Life Sciences: $13 million compared to the $15.48 million average estimate based on three analysts.
- Segment Net Income- Environmental Technologies: $105 million versus the three-analyst average estimate of $84.96 million.
- Segment Net Income- Specialty Materials: $44 million versus $57.59 million estimated by three analysts on average.
- Segment Net Income- Hemlock and Emerging Growth Businesses: -$10 million compared to the -$1.01 million average estimate based on two analysts.
View all Key Company Metrics for Corning here>>>Shares of Corning have returned -2.7% over the past month versus the Zacks S&P 500 composite's -2.5% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.