Corning Stock Jumps 7% On Raised Guidance




Shares of specialty glassmaker Corning (GLW) are up 7% after the company raised its forward guidance ahead of its second-quarter earnings report that’s scheduled for July 30.

In a news release, Corning said that it expects revenue of $3.6 billion U.S. compared with previous guidance that had called for $3.4 billion U.S. in Q2 sales.

In terms of profit, Corning is now forecasting earnings per share (EPS) at the “high end” of its range of $0.42 U.S. to $0.46 U.S.

“We expect second-quarter core sales to exceed our previous guidance and mark a return to year-over-year growth,” said the company in its release.

Corning added that it is seeing increased sales as demand rises for its new optical connectivity products for artificial intelligence (AI).

The company has a long-term plan to add more than $3 billion U.S. in annualized sales of its AI optical products within the next three years.

Corning has divested its consumer product line, including its cookware, and now makes specialty glass that’s used in optics for technological and scientific applications

Prior to today (July 8), Corning’s stock had risen 26% this year and was trading at $38.44 U.S. per share. The stock is up 17% over five years.



Source link

About The Author

Scroll to Top