Corning slides after Q2 results
GLW•Corning falls after quarterly results and outlook
Shares of specialty glass maker Corning fell 19% to $116.12 after the company reported second-quarter results and gave third-quarter guidance.
- Corning forecast Q3 core sales between $4.9 billion and $5.0 billion; the midpoint of $4.95 billion misses estimates of $4.97 billion, according to data compiled by LSEG.
- Sales in the optical communications segment rose 32% in Q2, compared with 36% growth in Q1 and an 81% increase a year earlier.
- Q2 core sales rose 17% year over year to $4.74 billion, compared with an estimate of $4.61 billion.
- Core EPS of 78 cents beat estimates of 76 cents.
- The company expects Q3 core EPS of 85 cents to 89 cents, above estimates of 85 cents.
- Corning said it remains on track with its upgraded Springboard Plan, targeting an annualized sales run rate of $20 billion by the end of 2026.
- Up to the last close, the stock was up about 64% this year.
