Corning Earnings: Double-Digit Revenue Growth Sparks Stock Surge
Corning Inc. (NYSE:GLW) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 4.2%.
Corning Inc. Earnings Cheat Sheet
Results: Net income decreased -42.36% to $283 million (34 cents per diluted share) in the quarter versus a net gain of $491 million in the year-earlier quarter.
Revenue: Rose 13.94% to $2.15 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Corning Inc. reported adjusted net income of 34 cents per share. By that measure, the company beat the mean analyst estimate of $0.32. It beat the average revenue estimate of $2.07 billion.
“Corning made good progress in 2012, despite some challenging economic conditions and changing market environments,” Wendell P. Weeks, chairman, chief executive officer and president, said. “We set a record for annual sales performance and increased our dividend by 20 percent. And we advanced a number of new technological innovations, which we believe will open additional markets for our products in the future…