On Wednesday, the European Union opened an investigation of U.S. manufacturer Corning over possible anti-competitive practices. Corning may not be a name that’s super familiar to the average tech consumer, but you are almost certainly within touching distance of its products as its a leading supplier of speciality toughened glass for mobile devices, including Apple’s iPhone. Its Gorilla Glass branding may also be a touch more familiar.In a press release, the Commission said it’s concerned that Corning may h ...

Investors looking for stocks in the Communication - Components sector might want to consider either Corning (GLW) or Arista Networks (ANET) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank is a proven strategy that targets companies with positive earnings esti ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from To Commission file number: 1-3247 CORNING INCORPORATED (Exact name of registrant as specified in its charter) | --- | --- | --- | |---------------------------------- ...

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Corning (NYSE: GLW ) has reported its Q3 2024 results , beating on top and bottom lines, which sent the stock soaring. The efforts the company began to undertake about a year ago are now clearly having a positive effect. Despite aboutI write about growth opportunities in different sectors related to technology, providing analyses of fundamentals that are driven by current and future trends. Senior Data Analyst by day, I am building and managing my own portfolio of tech-related securities, which to date has ...

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Chris Lau is an individual investor and economist with 30 years of experience covering life science, technology, and dividend-growth income stocks. He has degrees in Microbiology and Economics. Chris runs the investing group DIY Value Investing where he shares his top stock picks of undervalued stocks with catalysts for upside, dividend-income recommendations with quant and payment calendar tracking, high upside plays, and research requests to help you become a better do-it-yourself investor. Learn more. To ...

Corning's recently published third-quarter results arrived with plenty for investors to be excited about. Corning (GLW 7.79%) stock is making big gains in Tuesday's trading following the company's recent quarterly report. The industrial-technologies specialist's share price was up 6.5% as of 11:30 a.m. ET. Corning published third-quarter results after the market closed yesterday and delivered sales and earnings that came in ahead of Wall Street's expectations. The company reported non-GAAP (adjusted) earnin ...

Corning Incorporated (GLW) reported impressive third-quarter 2024 results, wherein both the top line and bottom line surpassed the respective Zacks Consensus Estimate. The advanced glass substrates producer witnessed revenue expansion year over year, driven by healthy demand in the Optical Communications and Life Sciences segments.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.The growing adoption of new optical connectivity products for generative AI is a tailwind. Solid growth in ...

Financial Data and Key Metrics - Q3 2024 sales grew 8% YoY to $3.73 billion, with EPS growing 20% to $0.54 [7] - Operating margin expanded 160 basis points YoY to 18.3%, and gross margin expanded 220 basis points to 39.2% [16] - Free cash flow for Q3 was $553 million, with continued share buybacks [16] - Q4 2024 guidance anticipates sales growth of ~15% YoY to ~$3.75 billion and EPS growth of ~40% to $0.53-$0.57 [32] Business Segment Performance Optical Communications - Sales grew 36% YoY to $1.2 billion, with net income up 92% YoY to $175 million [34] - Enterprise business grew 55% YoY, driven by strong adoption of Gen AI-related connectivity solutions [35] - New agreements with AT&T ($1 billion multiyear deal) and Lumen Technologies (10% global fiber capacity reserved) highlight growth opportunities [25][22] Display Technologies - Sales were $1 billion, consistent with Q2, with net income up 10% sequentially to $285 million [37] - Glass price increases implemented to offset weaker yen, aiming for stable net income of $900-$950 million in 2025 [18][40] Specialty Materials - Sales grew 9% sequentially to $548 million, driven by premium glass for mobile devices [42] Environmental Technologies - Sales declined 11% sequentially to $382 million due to the Class 8 truck downcycle in North America [43] Life Sciences - Sales grew 6% YoY to $244 million, with net income up 15% YoY to $15 million [44] Market and Strategic Developments - Springboard plan targets $3 billion in annualized sales by 2026, with an operating margin of 20% [9][13] - Optical Communications expected to benefit from cyclical and secular trends, including Gen AI and BEAD program momentum [28] - Automotive glass business expected to triple by 2026, with US EPA regulations driving growth in gas particulate filters [29] Management Commentary on Operating Environment and Outlook - Management highlighted strong progress on Springboard, with Q3 sales tracking at a $1.84 billion incremental annual run rate [47] - Optical Communications momentum expected to continue, with carriers likely to increase deployment rates in 2025 [28] - Display Technologies price increases aim to maintain stable profitability despite yen weakness [18][40] Other Important Information - CHIPS Act grant awarded to Hemlock, with potential for additional semiconductor capacity [71] - Capital expenditures reduced to ~$1.1 billion for the year, with no significant capacity additions planned [51][81] Q&A Session Summary AT&T Agreement and Fiber Utilization - AT&T deal aligns with Springboard's cyclical trends, but fiber utilization changes are driven by Gen AI data center interconnects [59] Q4 Revenue Guidance and Lumen Deal Impact - Lumen deal expected to contribute minimally in Q4, with significant impact anticipated in 2025-2026 [62] Free Cash Flow and Cloud Business Momentum - Strong free cash flow driven by income growth and minimal capital spending, with cloud business momentum aligning with Gen AI growth [65][66] Gross Margin Drivers and Operating Margin Target - Gross margin improvement driven by operating leverage, with potential for further gains as sales grow [69][78] Display Price Increases and OpEx Trends - Display price increases aim to offset yen weakness, with OpEx temporarily elevated due to variable compensation accruals [74][75] Hemlock and Semiconductor Outlook - Hemlock's CHIPS Act grant supports semiconductor capacity expansion, with potential upside beyond Springboard [71] CapEx and Sales Growth Trajectory - CapEx reduction reflects minimal capacity additions, with potential increases if $8 billion sales target becomes more probable [83] Optical Carrier Recovery and Margin Potential - Carrier business recovery still uncertain, but optical margins expected to improve as capacity utilization increases [90][92]