Corning (GLW) Tops Q3 EPS by 7c, Revenues Beat

Corning (NYSE: GLW) reported Q3 EPS of $0.43, $0.07 better than the analyst estimate of $0.36. Revenue for the quarter came in at $3 billion versus the consensus estimate of $2.93 billion.

• GAAP and core sales were $3.0 billion.
  • Core sales increased 16% sequentially, led by Environmental Technologies and Specialty Materials, which had sequential growth of 68% and 37%, respectively.
  • Core sales grew 1% year over year, led by Specialty Materials and Display Technologies, which had year-over-year growth of 23% and 4%, respectively.
• GAAP EPS was $0.48 and core EPS was $0.43. Core EPS grew 72% sequentially. Core operating margin expanded to 18.3%, up 710 basis points sequentially and 20 basis points year over year.
• Free cash flow for the third quarter was $518 million. Cumulative free cash flow for the first three quarters was $484 million. Cash balance grew to $2.5 billion.
• Hemlock Semiconductor Group’s Sept. 9 share redemption transformed Corning’s long-time ownership into a majority position. Corning recognized $31 million of third-quarter sales from the newly consolidated Hemlock.

Wendell P. Weeks, chairman and chief executive officer, said, “We had a very strong quarter financially and operationally. Sales and operating income grew on improving demand and commercialization of our innovations. In all the industries we serve, important market trends are offering new opportunities that we’re uniquely qualified to address, and we’re supporting our customers with more Corning content for the products that people already buy.”

Weeks continued, “While our markets continue to flash green, we remain vigilant in our actions to safeguard the company’s financial strength. Operationally, we’re keeping a tight focus on cost and manufacturing execution.”

“When it comes to the global health fight, we’re all-in – mobilizing our capabilities to combat the virus while prioritizing the health, safety, and well-being of our employees. We are focused on responding effectively to the current global uncertainties, and we continue to rise to the challenges of these times.”

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

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