Corning, Inc. (GLW)

We maintain 2023E EPS for Corning (GLW; $34.00; E/W) at $1.80, down 14% YoY, after another “meet and lower” we warned would be the case. By comparison, 2023E EPS consensus stood at $1.97. Q2 EPS…

Corning (GLW; $33.19; E/W) reported Q2 “core” EPS of $0.45, which compared to our $0.46 and the Street’s $0.45, on core sales of $3,482mm (vs. our $3,513mm and consensus of $3,481mm). Recall, GLW targeted Q2…

The shares of Corning (GLW; $33.56; E/W) were -6% on Friday (7/14) on rising concerns over the prospects for broadband and wireless infrastructure spending, which jibed with our own warnings (“Reducing Estimates”; 5/24). Most notably,…

Yesterday (6/22), we hosted a “fireside chat” during our virtual Transportation Technology Conference with Corning’s (GLW; $33.96; E/W) Mike Kunigonis, VP and General Manager of Auto Glass Solutions, and Ann Nicholson, who is VP of…

Last Thursday (6/8), Corning (GLW; $32.83; E/W) announced a joint venture (JV) with SGD Pharma that we think aims to add to the company’s potential “optionality” over the next 2-3 years from commercializing core innovation…

We are reducing our 2023/2024E EPS for Corning (GLW; $31.71; E/W), which were already below consensus, from $1.90/$2.20 to $1.80/$2.07 (vs. the Street’s $2.00/$2.38), to take a more conservative demand stance around the company’s Optical…

We stick with our below consensus 2023/2024E EPS of $1.90/$2.20 for Corning (GLW; $33.37; E/W) after the company produced a slight Q1 beat with Q2E guidance that was basically in-line with expectations, albeit with a…

Corning (GLW; $33.66; E/W) reported Q1 “core” EPS of $0.41, which was ahead of our and the Street’s $0.39 on core sales of $3,367mm (vs. our $3,300mm and the Street’s $3,343mm). Recall, GLW targeted Q1…

We assume Corning (GLW; $34.74; E/W) meets our and Street Q1E expectations, while providing a Q2E outlook that basically lives up to investor thinking, when it reports next Tuesday (4/25 before market). This should especially…

Yesterday, we attended Visteon’s (VC; $168.55; NR) Investor Day in New York, which among other things, provided further support for the idea that Corning’s (GLW; $34.42; E/W) Automotive Glass Solutions’ business is well positioned to…

Yesterday, we attended the Optical Networking and Communications Conference (OFC) in San Diego, where we toured Corning’s (GLW; $34.44; E/W) trade show booth and sat in on CEO Wendell Weeks’ Plenary Session. Our meetings highlighted…

We stick with our somewhat below consensus EPS forecasts following our review of Corning’s (GLW; $34.61; E/W) recently filed 10-K. We 4also “stay on the sidelines” towards the shares given our expectations that any recovery…

Yesterday, Gerresheimer (GXI.DE; €75.35; NR), which is a maker of packaging and drug delivery devices for pharmaceutical, biotech, and cosmetic applications, announced a joint venture (JV) with Corning (GLW; $35.14; E/W) aimed at increasing customer…

Corning’s (GLW; $34.61; E/W) Q1E guidance disappointed the Street, basically as we anticipated, outside of news of another round of inflation-fighting price increases and productivity ratio improvements. Specifically, GLW targets Q1E sales and EPS of…

Corning (GLW; $36.39; E/W) reported Q4 “core” EPS of $0.47, which was ahead of our $0.45 and the Street’s $0.44 on some core sales upside ($3,633mm vs. our $3,578mm and the Street’s $3,551mm). By comparison,…