Corning Inc. (NYSE:GLW) started as a light bulbs’ manufacturer way back in 1851. Today, it supplies glass to a range of industries. Its glass is used in car windows, mobile phone screens, fiber optics, spacecraft windows, telescope mirrors, and television. Moreover, its customers-base includes tech giants such as Apple and Samsung.
The New York-based glassmaker recently announced better-than-expected financial results for the second quarter. Corning reported a loss of 42 cents per share for the three months ended June 30, compared to 13 cents per share in the same period last year.
Excluding one-time items, the company reported adjusted earnings of 53 cents per share, just above 51 cents per share estimated by analysts. Revenue for the quarter climbed 5 percent on a year-over-year basis to $3.4 billion, ahead of the consensus forecast of $3.4 billion.
If we look at the performance of key segments, revenue from the display technologies business rose 25 percent to $939 million, while optical communications revenue jumped 21 percent to $1.08 billion. In comparison, specialty materials revenue increased 16 percent to $483 million.
Speaking on the results, CEO Wendell Weeks said, “Corning had an outstanding second quarter. We are growing faster than our underlying markets and achieved a revenue milestone of $3.5 billion, establishing a strong sales run rate. We are performing well as we continue to build a stronger, more agile company that’s consistently delivering meaningful and important contributions.”
Corning also issued its financial outlook for the third quarter. It expects adjusted earnings in the range of 54 cents per share to 59 cents per share and revenue between $3.5 billion to $3.7 billion for the current quarter.
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