Corning (NYSE: GLW) reported Q2 EPS of $0.38, $0.01 better than the analyst estimate of $0.37. Revenue for the quarter came in at $2.52 billion versus the consensus estimate of $2.54 billion.

"We began 2015 with a clear set of priorities to drive Corning's continued success. Our second-quarter performance clearly demonstrates that we are executing to our plan," Wendell P. Weeks, chairman, chief executive officer and president, said. "Our businesses are delivering strong results as evidenced by the 7 percent year-over-year core earnings growth. And our share repurchase program has leveraged the earnings growth into 12 percent core EPS growth. Our first-quarter acquisitions in the Optical Communications segment are paying off, especially in the growing hyperscale data centers market. We also announced an agreement to acquire a business that will enable innovation opportunities in the pharmaceutical glass packaging market. Finally, we're continuing our commitment to return cash to shareholders through a new $2 billion share repurchase program."

Remarking on the company's second-quarter performance, James B. Flaws, vice chairman and chief financial officer, said, "We are very pleased with our excellent business results in the quarter. Our overall performance was in line with our expectations. Without the impact of the strengthening U.S. dollar, our results would have been even stronger - with core quarterly sales, earnings and EPS up 3%, 11% and 15%, respectively."

"Our Optical Communications segment had a spectacular quarter with exceptionally strong demand for fiber-to-the-home and data center solutions. We believe our full suite of optical solutions gives us significant competitive advantages in the fastest growing segments of these markets. And our strategic acquisitions are providing improved market access and broader customer offerings."

Looking Forward

Corning provided the following expectations for its business segments in the third quarter of 2015:

• Display Technologies: LCD glass volume is expected to increase by a low single-digit percentage sequentially. The company expects LCD price declines to remain at a moderate level in the third quarter, which would be the fifth consecutive quarter of moderate price declines.

Corning updated its view of the retail LCD glass market, adjusting expectations for IT and TV unit demand downward. Corning now expects the 2015 worldwide LCD glass market area growth to be in the 6% to 7% range. The forecasted reduction in IT demand reflects expectations that the second-quarter weakness may continue for the remainder of the year. The TV unit forecast reductions are mainly in Western Europe and Latin America, where demand is expected to remain weak. The company also adjusted demand in China slightly. However, overall television screen-size growth is tracking higher than anticipated, somewhat offsetting the forecasted unit reductions.

The company believes the longer-term outlook for TV demand remains excellent, driven by new formats such as 4K TV and the replacement rate of older sets. The company also believes that its moderate price declines will continue beyond the third quarter.

• Optical Communications: Corning is increasing its expectation for optical communications sales for the year, as demand for the company's FTTH and data center solutions remains high. Third-quarter and full-year sales are expected to be up in the mid-teen percentage range versus last year.

• Specialty Materials: Gorilla Glass volume is expected to be up by a high single-digit percent sequentially, and consistent with last year's exceptionally strong third-quarter performance. The company continues to see strong adoption of its new Gorilla Glass 4 product and also announced its first smartphone customer for Antimicrobial Corning® Gorilla® Glass. On a year- over-year basis, third-quarter sales in the segment are expected to be down in the upper single-digit percent range, driven by the cyclical slowdown in the semiconductor industry.

• Environmental Technologies and Life Sciences: Sales in the Environmental Technologies and Life Sciences segments are expected to be down slightly in the third quarter from the prior year, driven by the impact of changes in the euro-U.S. dollar exchange rate.

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