Corning Incorporated


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SKU: GLW-1 Category:


Corning delivered a mixed set of quarterly results missing out on market expectations with respect to revenues given the challenging environment. In solar and optical, the company saw a growing demand for its offerings though The panel maker utilization rates declined in the latter half of the quarter. The company had recently reenergized its participation in the market of solar by securing customer commitments and turning on idle capacity via an innovative solar-grade polysilicon contract of long-term take-or-pay. Optical communications were the greatest contributor to the growth of this quarter and were a key factor responsible for the company delivering an earnings beat. The edge pre-engineered systems for the cloud operators also delivered well in the quarter. Corning is pursuing three vital secular trends: cloud, 5G, and broadband. As a part of this strategy, the management recently announced that it is planning to expand its manufacturing facility for the optical cable on the basis of the long-term relationship with AT&T, as the carrier is expanding its fiber service. We provide the stock of Corning with a ‘Buy’ rating and a revision in the target price.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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