Corning Q3 Earnings Beat Expectations with 8% Core Sales Growth, Optical Communications Segment Shines
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 29 2024
0mins
Source: Benzinga
Corning Inc's Q3 Performance: Corning reported a core sales growth of 8% year-on-year, reaching $3.73 billion, with core EPS of 54 cents surpassing estimates. Notable increases were seen in Optical Communications (36% growth) and Display Technologies (4% growth), while Specialty Materials and Environmental Technologies experienced declines.
Future Outlook and Agreements: The company anticipates fourth-quarter core sales of $3.75 billion and has secured a multi-year agreement with AT&T valued over $1 billion. Additionally, Corning aims to achieve a 20% operating margin by the end of 2026 through its updated "Springboard" plan.
Analyst Views on GLW
Wall Street analysts forecast GLW stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for GLW is 99.00 USD with a low forecast of 83.00 USD and a high forecast of 110.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
10 Analyst Rating
8 Buy
2 Hold
0 Sell
Strong Buy
Current: 93.520
Low
83.00
Averages
99.00
High
110.00
Current: 93.520
Low
83.00
Averages
99.00
High
110.00
About GLW
Corning Incorporated operates as an innovator in materials science. Its segments include Optical Communications, Display Technologies, Specialty Materials, Environmental Technologies, and Life Sciences. Its Optical Communications segment manufactures carrier network and enterprise network components for the telecommunications industry. Its Display Technologies segment manufactures glass substrates for flat-panel displays, including liquid crystal displays and organic light-emitting diodes. Its Specialty Materials segment manufactures products that provide material formulations for glass, glass ceramics and fluoride crystals for customer needs. Its Environmental Technologies segment manufactures ceramic substrates and filters for emission control systems in mobile applications. Its Life Sciences segment develops, manufactures and supplies laboratory products, including labware, equipment, media, serum and reagents, enabling workflow solutions for drug discovery and bioproduction.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
