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
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
