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Corning Incorporated (NYSE: GLW) announced results for the second quarter on Wednesday before the bell. While its core EPS came in above the expectations, revenue came in either in line or modestly below the expectations.
The company reported Q2 GAAP EPS of $ $1.87, reflecting a one-time gain of $2.7 billion on strategic realignment of Dow Corning. Its core EPS advanced $0.09, or 32 percent sequentially, to $0.37. Its GAAP net sales rose one percent to $2.36 billion from $2.34 billion in the previous quarter.
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Wall Street analysts' predicted Corning to report EPS of $0.32 on revenues of $2.38 billion.
The company's chairman, CEO, and president, Wendell Weeks, commented, "The sequential improvement surpassed our expectations and reflects increasing momentum in our businesses that we expect to continue through the second half of this year. We anticipate both sequential and year-over-year sales and EPS growth in the third quarter."
Corning also disclosed a fresh $2 billion share repurchase program.
Following the results, the stock advanced 3.18 percent in the pre-market on Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.