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.
Currently, Corning has a Zacks Rank #3 (Hold).
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 second-quarter 2017 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 40 cents per share over the last 7 days. Corning’s adjusted earnings of 42 cents per share beat this estimate by almost 5% and surged 14% from the year-ago quarter.
Revenue: Corning beat revenues, which at $2.59 billion was ahead of the Zacks Consensus Estimate of $2.52 billion. Revenues increased 6% on a year-over-year basis.
Key Stats: The revenue growth was driven by robust performance from Optical Communications (up 13%) and Specialty Material (up 27%).
Stock Price: Following the earnings release, share prices did not show any movement in the pre-market trading session.
Check back for our full write up on this Corning earnings report later!
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