Though Corning's (GLW -1.6%) Q3 results and Q4 outlook are in-line with the numbers/commentary it provided on Oct. 22, shares are giving back a sliver of the massive gains they saw last week in response to the Samsung deal.
Display Technologies sales (inc. LCD TV glass) +7% Y/Y to $689M after rising 21% in Q2. Glass volumes rose at a low-teens rate Y/Y, and price declines were "moderate."
LCD glass volumes are expected to be down by a low single-digit % Q/Q in Q4, and price declines "consistent with recent quarters." Global TV demand is in-line with expectations. By giving Corning full ownership of Samsung Corning, the Samsung deal should boost Corning's LCD glass numbers in time.
Telecom sales +24% Y/Y to $650M after rising 8% in Q2. But they're expected to be down slightly Y/Y in Q4 due to weakening optical fiber sales.
Specialty Materials sales (inc. Gorilla Glass) -10% Y/Y to $326 after rising 2% in Q2. Sales are expected to be flat Q/Q, which implies an 18% Y/Y drop.
Environmental Technologies -3% Y/Y to $225M, better than Q2's -8%. Life Sciences (boosted by M&A) +39% to $215M vs. +35% in Q2.
Gross margin was 44%, +100 bps Q/Q and Y/Y. $209M was spent on buybacks. Opex -3% Y/Y thanks to job cuts.