Tue, Oct. 25, 9:08 AM
- Results – revenue $2.55B (+4.1% Y/Y, $30M above consensus), EPS $0.42 (+24% Y/Y, +14% Q/Q; $0.04 above consensus)
- Segment revenues breakdown – Core Sales for Display Technologies grew 7% Q/Q, 1% Y/Y to $943M, Core Earnings grew 14% Q/Q, 5% Y/Y to $270M. For Optical Communications, Core Earnings were up 14% sequentially and 38% on the year to $98M. Core Earnings for Environmental Technologies declined 5% on the quarter and 8% on the year to $35M. Specialty Materials Core Earnings down 8% Q/Q to $44M, Life Sciences' unchanged at $21M.
- Previously disclosed $2B share repurchase launched during the quarter.
- Corning (NYSE:GLW) CEO Wendell P. Weeks: “Corning’s strong third-quarter results reflect the increasing momentum that we expected in the second half of this year. Sales and gross margins increased in every business segment year over year. We also grew the company’s sales, core earnings and core EPS both sequentially and year over year. Our operating results and progress on key growth initiatives continue to reinforce our confidence in Corning’s strategy.”
- Income statements
- Conference call
- Press release
Tue, Oct. 25, 7:25 AM
Mon, Oct. 24, 5:30 PM
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Mon, Aug. 29, 9:08 AM
- Corning (NYSE:GLW) had declared $0.135/share quarterly dividend, in line with previous.
- Payable Sept. 30; for shareholders of record Aug. 31; ex-div Aug. 29.
Thu, Aug. 25, 12:45 PM
- HP reported Q3 results yesterday and on its earnings call, CEO Dion Weisler noted "some shortages, particularly around LCDs, DRAM and Flash memory."
- Susquehanna analyst Mehdi Hosseini notes potential resulting favorability for Micron Technology (MU +6%), Western Digital (WDC +3%) and Corning (GLW +0.4%). The firm upgraded Micron to a Positive rating and $18 price target ($16.45 current price) in late June.
Wed, Jul. 27, 7:19 AM
Tue, Jul. 26, 5:30 PM
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Thu, Jul. 21, 3:00 AM| Thu, Jul. 21, 3:00 AM | 9 Comments
Mon, Jun. 20, 7:13 AM
- Corning (NYSE:GLW) +1% premarket after the stock was initiated with a Buy rating and a $23 price target at Citi.
- "We believe sentiment in Display has turned too bearish into a typically seasonally stronger [second half], and note that screen size matters more than LCD TV unit volume," the firm said in a note to clients.
Fri, Jun. 10, 11:10 AM
- "Trading at over 16x our CY:16 EPS estimate and up 15% year-to-date, we are downgrading...as we believe the 'dead cat' bounce in the LCD supply chain is a transient event that will reverse itself in 4Q:16 and into 2017," writes Drexel Hamilton, downgrading Corning (GLW -2%) to Sell. The firm's price target is $14.50.
- Drexel argues financial engineering related to Corning's purchase of Samsung's stake in the Samsung Corning JV, along with the Dow Corning divestiture and higher capital returns, have blinded investors to the continued secular decline in the LCD glass market.
- Corning went into trading today just $0.30 below a 52-week high of $21.30. Shares sold off in late April following a Q1 revenue miss and a guidance cut for the company's Specialty Materials (Gorilla Glass) division, but soon recovered.
Wed, Jun. 1, 10:32 AM
- Dow Chemical (DOW -0.2%) says it has completed the restructuring of Dow Corning and now owns all of the business; Dow Corning previously had been equally owned by Dow Chemical and silicone company Corning (GLW -0.5%).
- GLW swapped its 50% stake in Dow Corning for $4.8B and a 40% stake in Hemlock Semiconductor, which makes semiconductors for the solar-panel industry; Dow now fully owns Dow Corning and will keep a stake in Hemlock.
- Dow Corning had revenue of more than $4.5B in 2015.
Mon, May 16, 12:59 PM
- Dow Corning (DOW, GLW) President and CEO Robert Hansen plans to retire upon the completion of Dow's ownership restructure transaction with Corning, which is expected to close in Q2.
- Dow names Howard Ungerleider, its vice chairman and CFO, as Chairman of Dow Corning and Mauro Gregorio, currently vice president leading the Dow Corning integration, as Dow Corning CEO.
- Hansen, who has spent 34 years with Dow Corning, plans to stay with the company for several months to ensure a smooth transition.
Tue, Apr. 26, 9:49 AM
- Corning (NYSE:GLW) is lower out of the market open, -4.9%, after revenues fell just short of expectations though glass price declines fell to a five-year low for Q1.
- The company swung to a loss on a GAAP basis, but met expectations for non-GAAP earnings after backing out non-recurring and restructuring costs.
- Revenues fell nearly 11% overall. By segment: Display Technologies, $829M (down 17.2%); Optical Communications, $609M (down 12.6%); Environmental Technologies, $264M (down 6.4%); Specialty Materials, $227M (down 16.5%); Life Sciences, $204M (up 3.6%).
- Outlook: The company expects the rest of the year will be a significant improvement from Q1, and "second-quarter results will reflect the strong underlying trends in our businesses." Core equity earnings are seen at $50M-$70M in Q2 depending on closing date of the strategic realignment of Dow Corning.
- In Display Technologies, the overall glass market and Corning volume should grow in high single digits sequentially, with a smaller glass price decline. Q2 sales should be up more than 20% sequentially in Optical Communications (and up mroe than 10% Y/Y in H2), flat Y/Y in Environmental Technologies, up low single digits in Specialty Materials and Life Sciences.
Tue, Apr. 26, 6:58 AM
- Corning (NYSE:GLW): Q1 EPS of $0.28 in-line.
- Revenue of $2.17B (-10.7% Y/Y) misses by $60M.
Mon, Apr. 25, 5:30 PM
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Wed, Apr. 20, 11:59 AM
- Looking for a way to better differentiate against rival cover glass solutions (and perhaps boost sale prices along the way), Corning (GLW +0.2%) has launched Vibrant Gorilla Glass, a solution that lets device makers imprint "multi-color, high resolution, photo-quality images" on Gorilla Glass.
- Corning exec Scott Forester declares Vibrant Gorilla Glass gives device makers "a new opportunity for customized decoration and commercial branding." One possible use: Giving mobile OEMs the ability to imprint their brand logos on Gorilla Glass when it's used on the back panel of a device.
- Samsung uses Gorilla Glass on the back of the Galaxy S6 and S7, in addition to having it protect the screen on the front. Apple (NASDAQ:AAPL), which also relies on Gorilla Glass for screen-protection, is rumored to be using an all-glass enclosure for its 2017 iPhones.