Corning Incorporated


SKU: GLW Category:


Corning reported a mixed set of quarterly results as it surpassed Wall Street expectations in terms of revenues but missed out on earnings. The company continues to operate all its businesses, and its focus on distinctive capabilities and leadership permits it to capitalize on vital secular trends as well as drive its More Corning approach. Corning was able to offset a decline in sales of display technologies with growth in solar and optical communications. The sales of smartphones declined in the quarter, with notebook and tablet demand down. The panel maker utilization decreased. Corning continued to benefit from its infrastructure investment in clean energy and broadband. There has been growth in Optical Communications, and there has been ongoing demand in the solar market that contributed to growth in emerging growth businesses and Hemlock. The volume and glass market both decreased that reducing its profitability and sales significantly. The panel maker utilization has reached the lowest in the quarter. In mobile consumer electronics, the new product launches as well as strengthening in the semiconductor market have driven a sequential growth in Specialty Materials. The company added a new facility in Poland to expand its capacity in the EU. 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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