- Corning Inc GLW reported second-quarter FY21 core sales growth of 35% year-on-year to $3.5 billion, surpassing the analyst consensus of $3.4 billion.
- Display Technologies sales grew 25% Y/Y to $939 million as it raised the glass substrate prices in Q2 and an additional moderate price increase for Q3.
- Optical Communications sales rose 21% Y/Y to $1.1 billion as the sales increased in both enterprise and carrier networks. 5G, fiber-to-the-home, and cloud computing continue to drive strong growth across the segment.
- Specialty Materials sales improved 16% Y/Y to $483 million from solid demand for premium cover materials, strength in the IT market, and greater optical content in semiconductor manufacturing.
- Environmental Technologies sales increased 80% Y/Y to $407 million driven by improving markets and More Corning content.
- Life Sciences sales rose 28% Y/Y to $312 million.
- The gross margin expanded 200 basis points Q/Q to 37.8%.
- The operating margin expanded 120 basis points Q/Q to 18.3%.
- Core EPS of $0.53 beat the analyst consensus of $0.51.
- The company added almost $1 billion in sales Y/Y and a half billion in sales over pre-pandemic levels, improved margins Y/Y and Q/Q, contributing to solid EPS, and generated significant operating and free cash flow in Q2. It expects the momentum to continue.
- Outlook: The company sees Q3 core sales of $3.5 billion - $3.7 billion versus the analyst consensus of $3.53 billion.
- It sees core EPS of $0.54 - $0.59, compared to the analyst consensus of $0.57.
- Price action: GLW shares traded higher by 0.95% at $41.45 in the premarket session on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
