Corning (GLW) Surpasses Q2 Earnings and Revenue Estimates

Company Performance - Corning reported quarterly earnings of $0.47 per share, exceeding the Zacks Consensus Estimate of $0.46 per share, and up from $0.45 per share a year ago, representing an earnings surprise of 2.17% [1] - The company posted revenues of $3.6 billion for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 3.21%, compared to year-ago revenues of $3.48 billion [1] - Over the last four quarters, Corning has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [1] Future Outlook - The current consensus EPS estimate for the coming quarter is $0.54 on revenues of $3.7 billion, and for the current fiscal year, it is $1.94 on revenues of $14.23 billion [4] - The estimate revisions trend for Corning is currently favorable, leading to a Zacks Rank 1 (Strong Buy) for the stock, indicating expected outperformance in the near future [4] Industry Context - The Communication - Components industry, to which Corning belongs, is currently in the top 27% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [5] - Another company in the same industry, Viav Solutions, is expected to report quarterly earnings of $0.07 per share, reflecting a year-over-year decline of 30%, with revenues anticipated to be $251.83 million, down 4.5% from the previous year [5][6]