Earnings Review and Free Research Report: Corning’s EPS Increased 2%
Research Desk Line-up: Amphenol Post Earnings Coverage
LONDON, UK / ACCESSWIRE / November 3, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Corning Inc. (NYSE: GLW), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=GLW, following the Company's reporting of its financial results on October 24, 2017, for the third quarter of the fiscal year 2017. The glass and ceramic materials manufacturer's net sales increased 4% on a y-o-y basis. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Get more of our free earnings reports coverage from other constituents of the Diversified Electronics industry. Pro-TD has currently selected Amphenol Corporation (NYSE: APH) for due-diligence and potential coverage as the Company reported on October 25, 2017, its financial results for Q3 2017. Register for a free membership today, and be among the early birds that get access to our report on Amphenol when we publish it.
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Earnings Reviewed
For the three months ended September 30, 2017, Corning's net sales increased 4% to $2.61 billion from $2.51 billion in Q3 FY16. The net sales figures surpassed analysts' expectations of $2.58 billion.
For the reported quarter, Corning's gross profit increased 1.4% to $1.06 billion from $1.04 billion in Q3 FY16. For the reported quarter, the Company's gross margin decreased 100 basis points to 41% of revenue from 42% of revenue in Q3 FY16.
For the reported quarter, Corning's selling, general, and administrative expenses (SG&A) increased 23.1% to $372 million from $302 million in Q3 FY16. During Q3 FY17, the Company's research, development, and engineering expenses increased 13.9% to $213 million from $187 million in the same period of last year.
During Q3 FY17, Corning's operating income decreased 15.3% to $453 million from $535 million in Q3 FY16. For the reported quarter, the Company's operating margin decreased 400 basis points to 17.3% of revenue from 21.3% of revenue in Q3 FY16.
For the reported quarter, Corning's net income increased 37% to $390 million on a y-o-y basis from $284 million in Q3 FY16. During Q3 FY17, the Company's adjusted net income decreased 7% to $433 million from $466 million in Q3 FY16. During Q3 FY17, Corning's diluted earnings per share (EPS) increased 50% to $0.39 on a y-o-y basis from $0.26 in the comparable period of last year. For the reported quarter, the Company's adjusted diluted EPS increased 2% to $0.43 on a y-o-y basis from $0.42 in Q3 FY16. The adjusted diluted EPS surpassed analysts' expectations of $0.40.
Segment Details
Display Technologies - During Q3 FY17, Corning's Display Technologies segment's net sales decreased 15% to $768 million from $902 million in the corresponding period of last year. For the reported quarter, the segment's net income decreased 27% to $203 million from $279 million in Q3 FY16. For the reported quarter, the segment's adjusted net income decreased 16% to $227 million from $270 million in Q3 FY16.
Optical Communications - During Q3 FY17, Corning's Optical Communications segment's net sales increased 15% to $917 million from $795 million in the same period of last year. For the reported quarter, the segment's net income increased 21% to $102 million from $84 million in Q3 FY16. For the reported quarter, the segment's adjusted net income increased 13% to $111 million from $98 million in Q3 FY16.
Environmental Technologies - During Q3 FY17, Corning's Environmental Technologies segment's net sales decreased 5% to $277 million from $264 million in the comparable period of last year. For the reported quarter, the segment's net income decreased 3% to $34 million from $35 million in Q3 FY16. For the reported quarter, the segment's adjusted net income also decreased 3% to $34 million from $35 million in Q3 FY16.
Specialty Materials - During Q3 FY17, Corning's Specialty Materials segment's net sales increased 26% to $373 million from $295 million in the corresponding period of last year. For the reported quarter, the segment's net income increased 71% to $72 million from $42 million in Q3 FY16. For the reported quarter, the segment's adjusted net income increased 61% to $71 million from $44 million in Q3 FY16.
Life Sciences - During Q3 FY17, Corning's Life Sciences segment's net sales increased 4% to $223 million from $214 million in the comparable period of last year. For the reported quarter, the segment's net income increased 6% to $17 million from $16 million in Q3 FY16. For the reported quarter, the segment's adjusted net income was at par with the $21 million of Q3 FY16.
Balance Sheet
As on September 30, 2017, Corning's cash and cash equivalents decreased 26.9% to $3.87 billion from $5.29 billion as on December 31, 2016. For the reported quarter, Corning's net inventories increased 15% to $1.69 billion from $1.47 billion in Q4 FY16.
For the reported quarter, the Company's accounts payable increased 9.2% to $1.18 billion from $1.08 million in the fourth quarter of last year.
For the reported quarter, the Company's long-term debt increased 9.5% to $3.99 billion from $3.65 billion in Q4 FY16.
During FY17, Corning's YTD cash provided by operating activities increased 0.6% to $1.12 billion from $1.11 billion in FY16. During FY17, Corning's YTD adjusted cash provided by operating activities increased 9.9% to $1.59 billion from $1.44 billion in FY16.
Stock Performance
Corning's share price finished yesterday's trading session at $31.58, marginally down 0.16%. A total volume of 3.70 million shares have exchanged hands. The Company's stock price skyrocketed 7.97% in the last three months, 9.24% in the past six months, and 40.61% in the previous twelve months. Additionally, the stock soared 30.12% since the start of the year. Shares of the Company have a PE ratio of 13.70 and have a dividend yield of 1.96%. The stock currently has a market cap of $28.69 billion.
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