Corning (GLW) Tops Q2 EPS by 5c; $2B Accelerated Stock Repurchase

Corning (NYSE: GLW) reported Q2 EPS of $0.37, $0.05 better than the analyst estimate of $0.32. Revenue for the quarter came in at $2.36 billion versus the consensus estimate of $2.38 billion.

Company announces $2 billion accelerated share repurchase.

"The sequential improvement surpassed our expectations and reflects increasing momentum in our businesses that we expect to continue through the second half of this year. We anticipate both sequential and year-over-year sales and EPS growth in the third quarter," Wendell P. Weeks, chairman, chief executive officer, and president, said.

Weeks added, "We continue to make great progress on our leadership priorities through our Strategy and Capital Allocation Framework. We are creating significant value for our shareholders, increasing our financial strength, and focusing 80% of our resources on our three core technologies, four manufacturing and engineering platforms, and five market-access platforms. The realignment of our interest in Dow Corning is a significant milestone."

For earnings history and earnings-related data on Corning (GLW) click here.

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