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Corning Earnings: Why GLW Stock Is Sliding Lower Today

William White

Corning earnings for the first quarter of 2019 have GLW stock falling on Tuesday.

Corning Incorporated (NYSE:GLW)

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The bad news for Corning (NYSE:GLW) comes from its revenue of $2.81 billion for the first quarter of the year. This is up from the company’s revenue of $2.50 billion reported in the same time last year. However, it was a blow to GLW stock by missing Wall Street’s revenue estimate of $2.83 billion for the quarter.

Corning notes that it saw net sales increase for all divisions during the quarter. This includes net sales increasing by 10% in Display Technologies, 20% in Optical Communications, 12% in Environmental Technologies, 11% in Specialty Materials and 5% in Life Sciences. Despite all these increases, it still saw its revenue come in short of estimates.

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The Corning earnings report for the first quarter of 2019 also includes earnings per share of 40 cents. This is better than the company’s earnings per share of 31 cents from the first quarter of 2018. It also comes in above analysts’ earnings per share estimate of 39 cents from the quarter, but couldn’t stop GLW stock from sliding lower today.

Corning earnings for the first quarter of the year have net income coming in at $499 million. This is an improvement over the company’s net loss of $589 million that was reported in the same period of the year prior.

GLW stock was down 4% as of noon Tuesday, but is up 13% since the start of the year.

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As of this writing, William White did not hold a position in any of the aforementioned securities.

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