Corning, Inc. (GLW)

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,…

We reduce our 2023E EPS for Corning (GLW; $36.07; E/W) from $2.20 to $1.95 (vs. consensus of $2.28) to better account for ongoing seasonal pressures facing the company in most of its businesses during Q1E,…

We see recent news flow tied to new auto display innovations out of the Consumer Electronics Show (CES) in Las Vegas, along with our own checks at the tradeshow, boding well for Corning’s (GLW; $35.38;…