Yahoo Finance Corning (GLW) Reports Earnings Tomorrow: What To Expect
Glass and electronic component manufacturer Corning (NYSE:GLW) will be reporting earnings tomorrow before market hours. Here's what investors should know.
Corning beat analysts' revenue expectations by 4.6% last quarter, reporting revenues of $3.26 billion, down 3.2% year on year. It was a stunning quarter for the company, with an impressive beat of analysts' Display Technologies revenue estimates and a decent beat of analysts' earnings estimates.
Is Corning a buy or sell going into earnings? Read our full analysis here, it's free.
This quarter, analysts are expecting Corning's revenue to grow 2.8% year on year to $3.58 billion, a reversal from the 7.4% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.47 per share.
Heading into earnings, analysts covering the company have grown increasingly bullish with revenue estimates seeing 4 upward revisions over the last 30 days. Corning has missed Wall Street's revenue estimates twice over the last two years.
Looking at Corning's peers in the electronic components segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Bel Fuse's revenues decreased 21.1% year on year, beating analysts' expectations by 2.3%, and Rogers reported a revenue decline of 7.2%, in line with consensus estimates. Bel Fuse traded up 9% following the results while Rogers's stock price was unchanged.
Read our full analysis of Bel Fuse's results here and Rogers's results here.
There has been positive sentiment among investors in the electronic components segment, with share prices up 10.9% on average over the last month. Corning is up 10.8% during the same time and is heading into earnings with an average analyst price target of $41.9 (compared to the current share price of $42.85).
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