Corning Inc. (NYSE: GLW) this morning reported second-quarter adjusted earnings of $0.31 per share and $1.91 billion in revenue. Earnings per share (EPS) fell from $0.48 in the same period a year ago, and revenue was also down from $2.0 billion a year ago. The results compare to the Thomson Reuters consensus estimate for EPS of $0.31 and revenue of $2.02 billion.
The specialty glass and ceramics maker did not offer guidance for the rest of the year except in general terms. Corning expects LCD glass volume to rise by low double digits in the current quarter, with “moderate” price declines. Sales of specialty materials, including Gorilla Glass, are expected to rise 10% to 15%, while equity earnings from its Dow Corning business are expected to fall by 30%. The consensus estimate for third-quarter revenue is $2.12 billion and the EPS estimate is $0.36.
The company’s CEO noted:
[W]e are concerned about the continuing economic challenges in Europe and China’s decelerating GDP growth. We have seen signs that the unsettled global economy impacted some of our businesses in the past quarter. … We are alert to the fact that the economic woes may grow, and consumers may reduce their spending, which could impact our customers.
Gross margins for the second quarter came in at 42%, on par with the previous quarter. Dow Corning’s polysilicon sales increased sequentially but were 36% lower year-over-year. Dow Corning is one of the companies targeted by Chinese polysilicon makers for dumping products at below cost in the country’s solar panel industry.
Shares of Corning are trading down 0.3% in the premarket this morning, at $12.03 in a 52-week range of $11.51 to $17.35. Thomson Reuters had a consensus analyst price target of $15.62 before today’s results were announced.
Paul Ausick
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