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Corning (GLW) Beats on Q3 Earnings, Revenues Up Y/Y
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We’ve come to take for granted that our smartphones and tablets will have quality glass displays that will be scratch resistant, break-resistant and touch responsive. And that’s exactly what Corning Inc. (GLW - Free Report) promises with its glass substrates.
Corning is behind the displays in TVs, smartphones, etc. Receding inventory and stabilizing prices in the LCD TV market are positives for this business. It also offers cover glass in the form of Gorilla Glass and is expanding applications for this technology (Ford’s new lightweight windshield is an example).
And that isn’t all; the company also offers fiber optics for communications networks, auto products for environmental compliance and other glass products for life science applications.
Corning has a strong history when it comes to recent earnings reports as the stock has beaten estimates in all the last four quarters.
However, the Zacks Rank could definitely change following the company’s third quarter fiscal 2016 report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:
Earnings: The Zacks Consensus Estimate remained steady at 38 cents per share over the last 60 days. Corning’s adjusted earnings of 42 cents per share beat this estimate by almost 10.5% and increased 5% from the year-ago quarter.
Revenues: Corning beat revenues, which at $2.55 billion was well ahead of the Zacks Consensus Estimate of $2.50 billion.
Key Stats: All segments increased year-over-year with Display up double-digits.
Stock Price: Corning shares are up almost 2% in pre-market trading.
Check back for our full write up on this Corning earnings report later!
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Corning (GLW) Beats on Q3 Earnings, Revenues Up Y/Y
We’ve come to take for granted that our smartphones and tablets will have quality glass displays that will be scratch resistant, break-resistant and touch responsive. And that’s exactly what Corning Inc. (GLW - Free Report) promises with its glass substrates.
Corning is behind the displays in TVs, smartphones, etc. Receding inventory and stabilizing prices in the LCD TV market are positives for this business. It also offers cover glass in the form of Gorilla Glass and is expanding applications for this technology (Ford’s new lightweight windshield is an example).
And that isn’t all; the company also offers fiber optics for communications networks, auto products for environmental compliance and other glass products for life science applications.
Corning has a strong history when it comes to recent earnings reports as the stock has beaten estimates in all the last four quarters.
CORNING INC Price and EPS Surprise
CORNING INC Price and EPS Surprise | CORNING INC Quote
Currently, Corning has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
However, the Zacks Rank could definitely change following the company’s third quarter fiscal 2016 report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:
Earnings: The Zacks Consensus Estimate remained steady at 38 cents per share over the last 60 days. Corning’s adjusted earnings of 42 cents per share beat this estimate by almost 10.5% and increased 5% from the year-ago quarter.
Revenues: Corning beat revenues, which at $2.55 billion was well ahead of the Zacks Consensus Estimate of $2.50 billion.
Key Stats: All segments increased year-over-year with Display up double-digits.
Stock Price: Corning shares are up almost 2% in pre-market trading.
Check back for our full write up on this Corning earnings report later!
Confidential from Zacks
Beyond this Tale of the Tape, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>