Glass and electronic component manufacturer Corning (NYSE: GLW) will be reporting results this Tuesday morning. Here’s what to expect.
Corning beat analysts’ revenue expectations last quarter, reporting revenues of $4.35 billion, up 18.1% year on year. It was a mixed quarter for the company, with EPS in line with analysts’ estimates but revenue guidance for next quarter missing analysts’ expectations.
Is Corning a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Corning’s revenue to grow 14.9% year on year, improving from the 12.2% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Corning has a history of exceeding Wall Street’s expectations.
Looking at Corning’s peers in the electrical equipment segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Allegion delivered year-on-year revenue growth of 12.7%, beating analysts’ expectations by 3.1%, and Teledyne reported revenues up 9.8%, topping estimates by 5.3%. Allegion traded up 9.6% following the results while Teledyne’s stock price was unchanged.
Read our full analysis of Allegion’s results here and Teledyne’s results here.
In the last year or so, investors have shifted their focus from one macro dynamic to the next (AI disintermediation and AI investment to geopolitical conflict, interest rates, and the health of the wider economy). While some of the electrical equipment stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 3.5% on average over the last month. Corning is down 43.2% during the same time and is heading into earnings with an average analyst price target of $215.47 (compared to the current share price of $145.08).
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