Corning Inc. (NYSE: GLW) has reported earnings that are so far pleasing Wall Street. The LCD glass giant posted $0.64 EPS on a gain, and from operations it posted $0.44 EPS on revenues of $1.62 Billion. First Call estimates were $0.42 EPS on $1.59 billion in revenues. Gross margins were an all-time high of 52%.
The comments from the CFO should say it all: “Global demand for LCD televisions and laptop computers remains strong… We continue to closely monitor the U.S. retail market, but we have not seen any indication that the U.S. slowdown is impacting our LCD glass business.”
The company is also increasing its Cap-Ex spending for the year to $1.8 to $2 Billion to increase LCD capacity. The company’s raw guidance is $0.47 to $0.50 EPS on $1.71 to $1.75 Billion in revenues. For 2008, the company is projecting free cash flow of at least $500 million
Next quarter estimates are $0.43 EPS on $1.67 billion in revenues. Estimates for fiscal Dec-2008 are $1.75 EPS on $6.82 billion in revenues.
Shares are up 4% pre-market at $26.75, and the 52-week trading range is $20.04 to $27.25.
Jon C. Ogg
April 29, 2008
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
