Glass and electronic component manufacturer Corning (NYSE: GLW) will be reporting results this Tuesday morning. Here’s what to expect.
Corning beat analysts’ revenue expectations by 4.6% last quarter, reporting revenues of $4.05 billion, up 24.4% year on year. It was an exceptional quarter for the company, with a solid beat of analysts’ EBITDA estimates and a solid beat of analysts’ revenue estimates.
Is Corning a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, analysts are expecting Corning’s revenue to grow 21.2% year on year to $4.11 billion, improving from the 6.9% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.66 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.
Looking at Corning’s peers in the electrical equipment segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Vicor delivered year-on-year revenue growth of 18.5%, beating analysts’ expectations by 15.7%, and Vertiv reported revenues up 29%, topping estimates by 3.4%. Vicor traded up 30.1% following the results while Vertiv was also up 4.6%.
Read our full analysis of Vicor’s results here and Vertiv’s results here.
There has been positive sentiment among investors in the electrical equipment segment, with share prices up 3.7% on average over the last month. Corning is up 9.6% during the same time and is heading into earnings with an average analyst price target of $77.75 (compared to the current share price of $87.95).
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