Corning Reports Q2 Earnings Beat

Corning GLW reported second-quarter earnings of 45 cents per share, which beat the analyst consensus estimate of 44 cents by 2.27%. This is a 18.42% increase over earnings of 38 cents per share from the same period last year.

The company reported quarterly sales of $2.986 billion, which beat the analyst consensus estimate of $2.98 billion by 0.20%. This is a 8.23% increase over sales of $2.759 billion the same period last year.

"Our second-quarter performance reflects our strong execution against our now-completed Strategy and Capital Allocation Framework, which guided Corning during the 2016-2019 period," said CEO Wendell Weeks. "We're outpacing the markets we serve, which demonstrates the resilience of our portfolio in the face of macro-economic headwinds. We look forward to extending our strong performance under our new 2020-2023 Strategy & Growth Framework."

Corning shares were trading down 3.23% at $33 in Tuesday’s pre-market session. The stock has a 52-week high of $36.56and a 52-week low of $27.67.

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