FOR RELEASE – July 30, 2024 Exhibit 99 Corning Reports Strong Second-Quarter 2024 Financial Results, Exceeding April Guidance and Marking Return to Year-over-Year Sales Growth Outperformance was driven primarily by the strong adoption of new optical connectivity products for generative AI Management expects core sales to grow to ~$3.7 billion in the third quarter, with core EPS growing faster than sales and in the range of $0.50 to $0.54 Corning and Lumen Technologies reach an agreement to reserve 10% of Co ...

The upcoming report from Corning (GLW) is expected to reveal quarterly earnings of $0.46 per share, indicating an increase of 2.2% compared to the year-ago period. Analysts forecast revenues of $3.49 billion, representing an increase of 0.3% year over year.The consensus EPS estimate for the quarter has undergone an upward revision of 2.7% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe ...

Core Insights - Corning Incorporated (GLW) is expected to report its second-quarter 2024 results on July 30, with a trailing four-quarter earnings surprise of 0.22% on average and a 5.56% surprise in the last quarter [1] - The company is likely to experience year-over-year revenue growth due to strong demand across various sectors, including mobile consumer electronics, generative AI applications, and automotive [1] - Corning's focus on enhancing profitability and cash flow, along with opportunities in emerging markets for automotive glass solutions and pharmaceutical packaging, is seen as a positive factor [1] Factors at Play - Corning has expanded its cover glass portfolio with the introduction of Corning Gorilla Glass 7i, which offers improved drop protection and scratch resistance, targeting the mid-range smartphone market [2] - The deployment of Corning's Ascent Fixed Bed Bioreactor systems by the National Institute for Bioprocessing Research and Training in Ireland is expected to positively impact upcoming results [2] Revenue Estimates - The optical communication segment is estimated to generate $950.8 million in revenue, reflecting a 10.8% year-over-year decline but indicating market recovery with modest sequential growth [3] - The Display Technologies segment is projected to achieve $930.3 million in revenue, showing marginal growth from the previous year's $928 million [3] - The Specialty Materials segment is expected to reach $478.1 million, indicating a strong 13% year-over-year growth, while Environmental Technologies revenues are projected at $460.1 million [3] Consensus Estimates - The Zacks Consensus Estimate for Corning's revenues in the June quarter is $3.49 billion, showing modest growth from $3.48 billion in the same quarter last year [4] - The consensus estimate for adjusted earnings per share is 46 cents, an increase from 45 cents in the year-ago quarter [4] Earnings Predictions - Corning is predicted to likely beat earnings expectations, supported by a positive Earnings ESP of +1.59% and a Zacks Rank of 1 (Strong Buy) [5]

Core Viewpoint - The market anticipates Corning (GLW) will report a year-over-year increase in earnings driven by higher revenues when it releases its quarterly results for the period ending June 2024, with the earnings report expected on July 30, 2024 [1] Earnings Expectations - Corning is projected to post quarterly earnings of $0.46 per share, reflecting a year-over-year change of +2.2% [2] - Revenues are expected to reach $3.49 billion, which is an increase of 0.3% from the same quarter last year [2] Estimate Revisions - The consensus EPS estimate has been revised 2.69% higher in the last 30 days, indicating a positive reassessment by analysts [2] - The Most Accurate Estimate for Corning is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +1.59% [5] Earnings Surprise Prediction - A positive Earnings ESP is a strong indicator of a potential earnings beat, especially when combined with a Zacks Rank of 1 (Strong Buy) [4] - Corning currently holds a Zacks Rank of 1, suggesting a high likelihood of beating the consensus EPS estimate [6] Historical Performance - In the last reported quarter, Corning exceeded the expected earnings of $0.36 per share by delivering $0.38, resulting in a surprise of +5.56% [7] - Over the past four quarters, Corning has beaten consensus EPS estimates only once [7] Conclusion - Corning is viewed as a compelling candidate for an earnings beat, but investors should consider other factors that may influence stock performance beyond just earnings results [8]

The Computer and Technology group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is Corning (GLW) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.Corning is one of 617 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #14 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of t ...

Core Insights - The article highlights the expanding opportunities in the artificial intelligence (AI) sector, particularly focusing on Corning as a key player in AI infrastructure, which is often overlooked compared to larger companies like Nvidia, Microsoft, and Amazon [1][2]. Group 1: Corning's Role in AI - Corning, with a market capitalization of $36.8 billion, manufactures components essential for consumer electronics and data centers, positioning itself as a significant contributor to the AI boom [1][2]. - The company specializes in glass components, crucial for fiberoptic cables that enable fast data transmission, which is vital for AI development requiring hyperscale infrastructure [2][3]. - Corning's new RocketRibbon cable offers a 60% smaller diameter than competitors while maintaining a high fiber count, providing substantial space savings for data center operators [3]. Group 2: Financial Performance and Forecast - Corning reported $3.2 billion in revenue for Q1 2024, a 3% decline year-over-year, with its optical communications segment contributing $930 million, down 17% [4]. - The company has revised its Q2 revenue forecast from $3.4 billion to $3.6 billion, driven by increased sales of optical connectivity solutions for AI [5]. - Corning's 'Springboard' framework aims to add $3 billion in annual revenue in the coming years, representing a 22% growth on its 2023 revenue of $13.6 billion [4]. Group 3: Investment Potential - Corning's stock is considered relatively cheap, with a P/E ratio of 25.8, which is a 20% discount compared to the Nasdaq-100 index's P/E ratio of 32.3 [6]. - The company declared a second-quarter dividend of $0.28 per share, yielding 2.6%, which is higher than the dividends offered by Nvidia and Microsoft [7]. - Corning presents a compelling opportunity for investors looking to diversify their AI holdings or enter the AI space for the first time [8].

ViewApartMy last article on Corning (NYSE:GLW), entitled, “Corning: The 500 Pound Gorilla Glass Stock” appeared on iREIT on the 9th of January. GLW was trading for $30.59 when that piece debuted. I rated Corning as a Buy, and since then, the share price has increased by roughly 46%, well above the 17% gain posted by the S&P 500. Of course, it didn’t hurt that Corning was the S&P’s best performer last week after posting a 17.5% gain over a five-day period. The jump in share price followed management’s an ...

Core Insights - Corning Incorporated, valued at $38 billion, specializes in glass and ceramic technology, with products utilized in various sectors including electronics and drug research, and is now benefiting from the growing demand for AI-related technologies [1][5] - The company's stock has rebounded significantly, gaining approximately 75% since late last year, following a broader market shift in investor sentiment as inflation rates cooled [1][4] Financial Performance - Corning's recent earnings report exceeded analyst expectations, with the company projecting core sales of around $3.6 billion for the current quarter, an increase from the previous estimate of $3.4 billion [2][4] - The expected earnings per share are anticipated to be at the high end of the previously guided range of $0.42 to $0.46, marking the first year-on-year revenue increase in years [4] Growth Drivers - The bullish outlook is primarily attributed to the strong adoption of Corning's optical connectivity products for Generative AI, which is expected to contribute significantly to future sales growth [5][6] - Corning's leadership has expressed confidence in their "Springboard" plan, aiming to add over $3 billion in annualized sales over the next three years [5] Market Sentiment - Analysts have responded positively, with upgrades in ratings and price targets, including a notable high target of $50 from Argus, indicating further upside potential [6][7] - The stock is currently rated as a "Moderate Buy," with expectations for continued gains, particularly if it closes above $47 [3][7]

Core Insights - Corning shares have increased by 16% over the past two trading sessions, reaching a three-year high due to a positive outlook driven by rising demand for optical connectivity products used in generative AI applications [1][4] - The recent rally has occurred on the largest weekly trading volume since February 2018, indicating strong market conviction [3] - The stock may soon retest its April 2021 high of $46.82, with potential buying interest at key levels during profit-taking periods [1][5] Trading Volume and Technical Analysis - Corning shares have shown a sharp upward trend since late October, following a breakout from a descending channel [3] - The surge in stock price is supported by the largest trading volume in over five years, reflecting strong investor confidence [3] - The relative strength index (RSI) indicates bullish momentum but also suggests overbought conditions with a reading above 80 [3] Price Targets and Key Levels - In premarket trading, Corning shares were up 0.7% at $45.00, with a potential retest of the April 2021 high at $46.82 on the horizon [4] - A longer-term price target is projected around the $60 area based on historical price patterns [4] - Key levels to watch during profit-taking include $39, $35, and $31, which may attract buying interest [5]

Core Viewpoint - Corning Incorporated (GLW) has revised its Q2 2024 outlook positively due to increased demand for its optical connectivity products, particularly for generative AI applications, leading to a 10% rise in its stock price over the past week [1]. Financial Performance - GLW's Q2 sales are now expected to be $3.6 billion, up from a previous estimate of $3.4 billion, with adjusted earnings per share projected to be at the higher end of the earlier range of $0.42 to $0.46 [1]. - Over a longer term, GLW stock has increased by 30% from approximately $35 in early January 2021 to around $45 currently, while the S&P 500 has risen about 50% during the same period [1]. Stock Performance Comparison - GLW's stock returns have been inconsistent, with a 3% return in 2021, -14% in 2022, and -5% in 2023, underperforming the S&P 500 in both 2021 and 2023 [2]. - The S&P 500 had returns of 27% in 2021, -19% in 2022, and 24% in 2023, highlighting the challenges individual stocks face in consistently outperforming the index [2]. Valuation Insights - Current valuation estimates for GLW suggest it is appropriately priced at $42 per share, aligning with its market price, and trading at a P/E ratio of 22x expected earnings of $1.91 for the full year 2024 [3]. - The 22x P/E multiple is higher than the 18x average over the last five years, but this increase is considered justified due to a rebound in demand for its optical communication business amid the AI boom [3]. Growth Drivers - Corning aims to add $3 billion in annual sales over the next three years, with a rebound in optical communication being a key driver [4]. - The optical communication segment reported sales of $4.0 billion in 2023, reflecting a 20% year-over-year decline due to reduced demand from mobile carriers, but demand for fiber optics is expected to rise as data processing for AI systems increases [4].