Corning (GLW) Trades Flat Ahead of Q3 Results
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Corning, Inc. (NYSE: GLW) is trading flat today before their third quarter earnings release before the market opens on Monday, October 23, 2009. Shares are down less than 0.05% to $15.58.
THE NUMBERS:
Corning is expected to report an EPS of $0.39 with revenues of 1.42 billion for the quarter. Corning beat on the top and bottom lines for Q209, posting an EPS of $0.39 and $1.4 billion in revenues. In comparison to a year ago, Corning reported revenues of $1.55 billion and an EPS of $0.46 for Q308.
PERFORMANCE:
Corning has been down about 5.5% thorough the third quarter, and up an astonishing 55% since the beginning of 2009. The Electronic Instruments and Controls sector has been up about 6.8% for three months and 28% since the onset of 2009.
WALL STREET RATINGS:
Data from Bloomberg shows that, out of the 20 analysts covering Corning, 13 feel it's a Buy, 7 give it a Hold rating, and none recommend to Sell. The analysts' average price target is $18.82.
ANALYST VIEW:
Goldman Sachs has a rating of Neutral on GLW, and a price target of $17 (which it has kept or 12 months). Goldman commented that LCD glass is transitioning from a growth industry to a pure cyclical. They said that with this in mind, stocks should be bought when EBIT margins bottom (which happened in the first quarter of 2009) and avoided or sold when margins reach normalized levels, which they expect in the third quarter of 2009. Goldman had a FY09 normalized EPS of $1.45 on Corning.
UBS recently upgraded Corning from Neutral to Buy, and a Price target $19.
WRAP-UP:
Corning ramped up its FY09 outlook before releasing its second quarter financials. Estimates for total LCD glass went from 2 billion square feet to 2.3 billion square feet. The company cited this as a stronger-than-expected demand for the product, but then cautioned that there was a weaker demand for notebook computers. The company expected units of LCD TV's to grow 18% this year, versus 9% originally expected.
In August,
roduction+at+LCD+Glass+Manufacturing+Facility+in+Shizuoka%2C+Japan+Disru
roduction+at+LCD+Glass+Manufacturing+Facility+in+pted
+by+Earthquake/4864926.html">an earthquake in Japan cut its
+by+production
there, and Corning forecasted a 5 - 10 percent decline in production as a result. The company now sees volume down less than 5%.
Corning also completed a
Axygen+BioScience+%28ACAS%29+For+Approximately+%24400M+In+Cash/4947974.html">
$400M acquisition of Axygen bioscience in September, effectively expanding its reach into life sciences, plastic consumable labware, and other laboratory equipment.
Corning will issue its Q309 results via press release at approximately 7:00 AM (EDT) on October 26, 2009. Stay tuned to StreetInsider.com's Earnings section to see our analysis of the highly-anticipated quarterly results within seconds of their release.
THE NUMBERS:
Corning is expected to report an EPS of $0.39 with revenues of 1.42 billion for the quarter. Corning beat on the top and bottom lines for Q209, posting an EPS of $0.39 and $1.4 billion in revenues. In comparison to a year ago, Corning reported revenues of $1.55 billion and an EPS of $0.46 for Q308.
PERFORMANCE:
Corning has been down about 5.5% thorough the third quarter, and up an astonishing 55% since the beginning of 2009. The Electronic Instruments and Controls sector has been up about 6.8% for three months and 28% since the onset of 2009.
WALL STREET RATINGS:
Data from Bloomberg shows that, out of the 20 analysts covering Corning, 13 feel it's a Buy, 7 give it a Hold rating, and none recommend to Sell. The analysts' average price target is $18.82.
ANALYST VIEW:
Goldman Sachs has a rating of Neutral on GLW, and a price target of $17 (which it has kept or 12 months). Goldman commented that LCD glass is transitioning from a growth industry to a pure cyclical. They said that with this in mind, stocks should be bought when EBIT margins bottom (which happened in the first quarter of 2009) and avoided or sold when margins reach normalized levels, which they expect in the third quarter of 2009. Goldman had a FY09 normalized EPS of $1.45 on Corning.
UBS recently upgraded Corning from Neutral to Buy, and a Price target $19.
WRAP-UP:
Corning ramped up its FY09 outlook before releasing its second quarter financials. Estimates for total LCD glass went from 2 billion square feet to 2.3 billion square feet. The company cited this as a stronger-than-expected demand for the product, but then cautioned that there was a weaker demand for notebook computers. The company expected units of LCD TV's to grow 18% this year, versus 9% originally expected.
In August,
roduction+at+LCD+Glass+Manufacturing+Facility+in+Shizuoka%2C+Japan+Disru
roduction+at+LCD+Glass+Manufacturing+Facility+in+pted
+by+Earthquake/4864926.html">an earthquake in Japan cut its
+by+production
there, and Corning forecasted a 5 - 10 percent decline in production as a result. The company now sees volume down less than 5%.
Corning also completed a
Axygen+BioScience+%28ACAS%29+For+Approximately+%24400M+In+Cash/4947974.html">
$400M acquisition of Axygen bioscience in September, effectively expanding its reach into life sciences, plastic consumable labware, and other laboratory equipment.
Corning will issue its Q309 results via press release at approximately 7:00 AM (EDT) on October 26, 2009. Stay tuned to StreetInsider.com's Earnings section to see our analysis of the highly-anticipated quarterly results within seconds of their release.
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