Corning (NYSE:GLW) Issues Q3 2024 Earnings Guidance

Corning (NYSE:GLW) issued an update on its third quarter 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 0.500-0.540 for the period, compared to the consensus earnings per share estimate of 0.530. The company issued revenue guidance of $3.7 billion-$3.7 billion, compared to the consensus revenue estimate of $3.7 billion. Corning also updated its Q3 guidance to $0.50-$0.54 EPS.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on GLW shares. Deutsche Bank Aktiengesellschaft upgraded shares of Corning from a hold rating to a buy rating and set a $46.00 price objective for the company in a research report on Wednesday, July 31st. UBS Group upped their price target on shares of Corning from $38.00 to $44.00 and gave the stock a neutral rating in a research report on Tuesday, July 9th. Susquehanna lifted their price objective on Corning from $46.00 to $55.00 and gave the stock a positive rating in a report on Friday. Mizuho raised Corning from a neutral rating to an outperform rating and increased their target price for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Finally, HSBC raised Corning from a reduce rating to a hold rating and set a $37.00 price target on the stock in a research note on Tuesday, July 9th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $47.00.

Corning Trading Up 0.2 %

Shares of GLW opened at $44.50 on Friday. Corning has a 12-month low of $25.26 and a 12-month high of $46.39. The firm has a market capitalization of $38.12 billion, a P/E ratio of 62.68, a P/E/G ratio of 1.66 and a beta of 1.04. The firm has a 50-day moving average price of $41.73 and a 200 day moving average price of $37.54. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating the consensus estimate of $0.46 by $0.01. The firm had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.45 EPS. Sell-side analysts forecast that Corning will post 1.91 EPS for the current year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date is Friday, August 30th. Corning’s dividend payout ratio is presently 157.75%.

Corning Company Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.