Shares of Corning Inc. were up nearly 9% in pre-market trading Tuesday, as the company announced an increase in its 4th quarter guidance. Corning now estimates earnings of $0.38 -$0.40/share, up from $0.36-$0.38/share. The specialty glass maker also upped its sales guidance to $1.53 billion-$1.56 billion from the $1.50 billion-$1.55 billion it projected earlier. Analysts expect an average of $0.37/share on $1.55 billion of revenue for the current quarter. Peter F. Volanakis, President and COO of Corning, said, "The increase in sales and EPS guidance reflects strong October results, November orders and operating performance in our Display Technologies business." The company added it sees year-over-year earnings growth of 23%, while sales growth should come at about 12%. Shares of Corning traded up 8.9% to $23.36 in pre-market trading Tuesday.
Commentary: Corning: Still a Great Value Despite Recent Run • Corning Comes Under Pressure In All Three Divisions
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Earnings call transcript: Corning Q3 2007