Glass and electronic component manufacturer Corning (NYSE:GLW) will be announcing earnings results this Wednesday morning. Here’s what to look for.
Corning met analysts’ revenue expectations last quarter, reporting revenues of $4.27 billion, up 14.4% year on year. It was a mixed quarter for the company, with EPS guidance for next quarter beating analysts’ expectations but a miss of analysts’ adjusted operating income estimates.
Is Corning a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, analysts are expecting Corning’s revenue to grow 12.8% year on year to $4.37 billion, slowing from the 18.4% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.71 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Corning has a history of exceeding Wall Street’s expectations, beating revenue estimates every single time over the past two years by 1.8% on average.
Looking at Corning’s peers in the electrical equipment segment, some have already reported their Q4 results, giving us a hint as to what we can expect. LSI posted flat year-on-year revenue, beating analysts’ expectations by 4.9%, and Sanmina reported revenues up 59%, topping estimates by 3.3%. LSI traded up 8.6% following the results.
Read our full analysis of LSI’s results here and Sanmina’s results here.
There has been positive sentiment among investors in the electrical equipment segment, with share prices up 8.7% on average over the last month. Corning is up 7% during the same time and is heading into earnings with an average analyst price target of $95.92 (compared to the current share price of $95.18).
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