Glass and electronic component manufacturer Corning (NYSE: GLW) will be reporting results this Tuesday before market open. Here’s what to expect.
Corning beat analysts’ revenue expectations last quarter, reporting revenues of $4.41 billion, up 13.9% year on year. It was a mixed quarter for the company, with a narrow beat of analysts’ revenue estimates but revenue guidance for next quarter slightly missing analysts’ expectations.
Is Corning a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Corning’s revenue to grow 17.4% year on year, improving from the 12.9% increase it recorded in the same quarter last year.
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.
Looking at Corning’s peers in the electrical equipment segment, some have already reported their Q1 results, giving us a hint as to what we can expect. GE Vernova delivered year-on-year revenue growth of 16.3%, beating analysts’ expectations by 0.8%, and Teledyne reported revenues up 7.6%, topping estimates by 3%. GE Vernova traded up 16.2% following the results while Teledyne was also up 1.4%.
Read our full analysis of GE Vernova’s results here and Teledyne’s results here.
There has been positive sentiment among investors in the electrical equipment segment, with share prices up 15% on average over the last month. Corning is up 38% during the same time and is heading into earnings with an average analyst price target of $145.47 (compared to the current share price of $177.85).
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