Corning Set to Release Earnings Report Amid Impressive Growth
New York-based Corning Incorporated (GLW) operates in various sectors, including display technologies, optical communications, environmental technologies, specialty materials, and life sciences. With a market capitalization of $40.9 billion, Corning serves customers in the Americas, Asia, Europe, and Africa and employs nearly 52,000 people globally.
Upcoming Earnings Announcement and Projections
On Wednesday, January 29, before markets open, Corning will announce its fourth-quarter earnings. Analysts anticipate a non-GAAP profit of $0.56 per share, reflecting a significant 43.6% increase from $0.39 per share in the same quarter last year. Corning’s historical earnings performance has been unpredictable; the company met or exceeded analysts’ expectations in three of the last four quarters but fell short once. Last quarter, Corning achieved an adjusted EPS of $0.54, which was 3.9% above the consensus estimate and marked a 20% year-over-year increase.
Future Earnings Forecast
Looking ahead to the full fiscal year 2024, analysts project an adjusted EPS of $1.95, a 14.7% increase from $1.70 in fiscal 2023. The forecast for fiscal 2025 is even more optimistic, with expected earnings of $2.30 per share, indicating a nearly 18% growth year-over-year.
Stock Performance and Analyst Sentiment
Over the past year, GLW stock has risen 52.4%, significantly outpacing the S&P 500 Index’s 24.4% gain and the Technology Services Select Sector SPDR ETF Fund’s (XLK) 23.9% returns during the same period.
The stock jumped 4.7% following the release of strong Q3 earnings on October 29. Corning’s results exceeded Wall Street’s expectations, driven primarily by a 35.7% year-over-year increase in sales from their Optical Communications segment, which reached $1.2 billion. Other segments, including Life Sciences and Display Technologies, also experienced growth, contributing to an overall 6.9% rise in net sales to $3.4 billion.
Moreover, Corning’s non-GAAP adjusted net margin improved by 130 basis points compared to the previous year, reaching 12.5%. This improvement helped push adjusted net income up by 20.5% year-over-year to $465 million.
Analyst Ratings and Price Target
Market opinions on GLW stock remain positive, holding a consensus “Moderate Buy” rating. Among the 12 analysts covering the stock, eight advocate a “Strong Buy,” while four suggest a “Hold.” The average price target stands at $54.46, reflecting a 14.1% potential upside from current levels.
On the date of publication, Aditya Sarawgi did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
