Corning Q2 EPS Tops On Focus On Portfolio

Corning Incorporated 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.

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.

Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGeneral
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...