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Corning (GLW) Beats on Q1 Earnings, Revenues Down 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.

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 Rank (Strong Buy) stocks here.

However, the Zacks Rank could definitely change following the company’s first-quarter 2018 report which has just released. We have highlighted some of the key stats from this just-revealed announcement below:

Earnings: The Zacks Consensus Estimate remained steady at 30 cents per share in the last 7 days. Corning’s core earnings of 31 cents per share beat this estimate by a penny but declined 13.9% from the year-ago quarter.

Revenues: Corning reported revenues of $2.51 billion, which was in line with the Zacks Consensus Estimate, but decreased 6% on a year-over-year basis.

Key Stats: The revenue decline was attributed to weak performance from Optical Communications (down 5%) and Specialty Material (down 29%).
 

 

Stock Price: Shares are down almost 0.40% in the pre-market session.

Check back for our full write up on this Corning earnings report later!

 

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