BUZZ-Corning slides after Q2 results - GLW News | RalliesBUZZ-Corning slides after Q2 results
G
GLW• Corning falls after Q2 results and Q3 outlook
- Shares of specialty glass maker Corning
GLW.N fall 15.7% to $120.85 premarket
- Co forecasts Q3 core sales between $4.9 bln and $5.0 bln; midpoint of $4.95 bln misses estimates of $4.97 bln - data compiled by LSEG
- Sales in Optical Communications segment rose 32%, compared with 36% growth in the prior quarter and 81% increase in the year-earlier period
- Q2 core sales rose 17% y/y to $4.74 bln, compared with estimate of $4.61 bln; core EPS of 78 cents beats estimate of 76 cents
- Expects Q3 core EPS in the range of 85 cents to 89 cents, above estimates of 85 cents
- Corning says it remains on track with its upgraded Springboard Plan, targeting an annualized sales run rate of $20 bln by end-2026
- Up to last close, stock up ~64% this year
