Glass and electronic component manufacturer Corning (NYSE:GLW) will be announcing earnings results tomorrow before market open. Here’s what to look for.
Corning met analysts’ revenue expectations last quarter, reporting revenues of $3.73 billion, up 7.9% year on year. It was a satisfactory quarter for the company, with an impressive beat of analysts’ Optical Communications revenue estimates.
Is Corning a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Corning’s revenue to grow 15.2% year on year to $3.77 billion, a reversal from the 9.9% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.56 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Corning has only missed Wall Street’s revenue estimates once over the last two years, exceeding top-line expectations by 0.9% on average.
Looking at Corning’s peers in the electrical equipment segment, some have already reported their Q4 results, giving us a hint as to what we can expect. LSI delivered year-on-year revenue growth of 35.5%, beating analysts’ expectations by 14.3%, and Teledyne reported revenues up 5.4%, topping estimates by 3.4%. LSI traded up 11.7% following the results while Teledyne was also up 7.2%.
Read our full analysis of LSI’s results here and Teledyne’s results here.
There has been positive sentiment among investors in the electrical equipment segment, with share prices up 4.2% on average over the last month. Corning is up 5.1% during the same time and is heading into earnings with an average analyst price target of $53.35 (compared to the current share price of $49.53).
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