Corning (GLW) Q2 Financial Results Recap

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.”

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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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