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 ...

Core Insights - Corning's third-quarter results exceeded Wall Street expectations, leading to a significant increase in stock price by 6.5% [1][2] - The company reported non-GAAP earnings per share of $0.54 on revenue of $3.73 billion, surpassing analyst estimates of $0.52 per share on $3.72 billion in sales [2] Financial Performance - Revenue rose 6.6% year over year in Q3, with adjusted earnings per share increasing by 20% compared to the same quarter last year [3] - The optical communications segment saw a revenue increase of 36% year over year, reaching $1.25 billion, with enterprise customer sales up 55% [4] - Display technologies revenue increased by 4% year over year to $1.25 billion, while specialty materials revenue declined by 3% to $548 million, and environmental technologies revenue fell by 15% to $382 million [4] Future Guidance - Corning provided optimistic guidance for Q4, expecting sales growth to accelerate and earnings to grow faster than sales [5] - The company anticipates adjusted revenue of approximately $3.75 billion and adjusted earnings per share between $0.53 and $0.57, indicating potential annual growth of about 13.6% [5] - Achieving the midpoint of the adjusted earnings guidance would represent a growth of approximately 44% [6]

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]

Corning (GLW) reported $3.73 billion in revenue for the quarter ended September 2024, representing a year-over-year increase of 7.9%. EPS of $0.54 for the same period compares to $0.45 a year ago.The reported revenue represents a surprise of +0.82% over the Zacks Consensus Estimate of $3.7 billion. With the consensus EPS estimate being $0.52, the EPS surprise was +3.85%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine thei ...

Corning (GLW) came out with quarterly earnings of $0.54 per share, beating the Zacks Consensus Estimate of $0.52 per share. This compares to earnings of $0.45 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 3.85%. A quarter ago, it was expected that this specialty glass maker would post earnings of $0.46 per share when it actually produced earnings of $0.47, delivering a surprise of 2.17%. Over the last four quarters, the comp ...

Exhibit 99 FOR RELEASE – Oct. 29, 2024 Corning Reports Strong Third-Quarter 2024 Financial Results (1) Highlighting Key Milestones in 'Springboard' Plan to Add More Than $3 Billion in Annualized Sales, and Achieve Operating Margin of 20%, by the End of 2026 Results were at the high end of guidance, led by Optical Communications, which grew sales in its Enterprise business 55% year over year, driven by continued strong adoption of new optical-connectivity products for generative AI GAAP operating margin expa ...

Wall Street analysts expect Corning (GLW) to post quarterly earnings of $0.52 per share in its upcoming report, which indicates a year-over-year increase of 15.6%. Revenues are expected to be $3.7 billion, up 7% from the year-ago quarter.The current level reflects no revision in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.Before a company announces its earnings ...

Corning Incorporated (GLW) is set to report its third-quarter 2024 results on Oct. 29, before the opening bell. It delivered a trailing four-quarter earnings surprise of 0.77% on average. In the last reported quarter, the company reported an earnings surprise of 2.17%.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.The advanced glass substrates producer is likely to witness revenue growth year over year, owing to healthy demand in several segments, including Optical Communications, ...

Oct 9th, 2024 - Corning Inc (GLW, Financial) stock technically made a classic breakout from the Cup with Handle pattern and invited traders to make some buzz with the stock today. The news powering the buzz is that Corning, a manufacturer of glass, ceramic and optical fibers for various industries, partnered with KD to deliver high speed connectivity for modern software-equipped vehicles. As the increasing demand for robust in-vehicle connectivity, KD as an optical transceivers provider, picked Corning to c ...