Free Research Report as Corning Inc.’s Quarterly Revenues Jumped 5.26%

Stock Monitor: Advanced Energy Industries Post Earnings Reporting

LONDON, UK / ACCESSWIRE / May 08, 2018 / If you want access to our free earnings report on Corning Inc. (NYSE: GLW) ("GLW"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=GLW. On April 24, 2018, GLW reported financial results for the first quarter of 2018 ending March 31, 2018. The Company surpassed analysts' consensus estimates for earnings as well as revenue in Q1 FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Corning most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

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Earnings Highlights and Summary

GLW's total revenues reached $2.50 billion for Q1 FY18, reflecting an increase of 5.26% from $2.38 billion in Q1 FY17. The Company's core revenues for the reported quarter (after constant-currency adjustment of $13 million) were $2.51 billion compared to $2.42 billion in prior year's corresponding quarter. GLW's core revenues exceeded analysts' consensus estimates by $3 million.

During Q1 FY18, GLW's cost of sales was $1.55 billion, 8.50% higher than $1.42 billion in Q1 FY17. The Company's gross margin advanced 0.42% to $955 million in the quarter under review from $951 million in the previous year's same quarter.

GLW incurred selling, general, and administrative (SG&A) expenses of $501 million in Q1 FY18, 57.05% higher than the $319 million reported in Q1 FY17. The Company's research, development, and engineering expenses hiked 19.31% to $241 million in the reported quarter from $202 million in the year ago comparable quarter. GLW had an operating income of $194 million in Q1 FY18 compared to $413 million in Q1 FY17.

Net loss income attributable to Corning for the quarter ending March 31, 2018, was $589 million, after a net income attributable to Corning of $86 million in same period last year. The Company had a diluted loss per share of $0.72 in Q1 FY18 compared to diluted earnings per share of $0.07 in Q1 FY17. The reported earnings included non-cash, mark-to-market loss associated with the Company's currency-hedging contracts. GLW's core diluted earnings per share were $0.31 in Q1 FY18, a decrease of 13.89% from $0.36 in Q1 FY17. However, Q1 FY18 earnings were higher than analysts' consensus estimates of $0.30 per share.

Corning's Segment Details

During Q1 FY18, the Display Technologies segment's net revenues were $745 million, a decrease of 4.73% on y-o-y basis. This segment had a net income of $185 million in Q1 FY18, 24.49% lower than $245 million in Q1 FY17.

The Optical Communications segment reported revenues of $886 million in Q1 FY18, an increment of 8.31% from prior year's corresponding quarter. This segment had a net income of $109 million in Q1 FY18 compared to $110 million in Q1 FY17, reflecting a decrease of 0.91%.

For Q1 FY18, the Specialty Materials segment generated revenues of $278 million, a decrease of 7.33% on a y-o-y basis. This segment had a net income of $46 million in Q1 FY18, 19.30% lower than $57 million in Q1 FY17.

The Environmental Technologies segment reported revenues of $322 million in Q1 FY18, an increment of 17.09% from prior year's same quarter. This segment had a net income of $52 million in Q1 FY18, up 18.18% from $44 million in Q1 FY17.

For Q1 FY18, the Life Sciences segment generated revenues of $232 million, 10.48% higher than the previous year's same quarter. This segment had a net income of $27 million in Q1 FY18, up 12.50% from $24 million in Q1 FY17.

Cash Matters

GLW had cash and cash equivalents of $3.10 billion as on March 31, 2018, a decrease of 28.28% from $4.32 billion as on December 31, 2017. The Company's long-term debt jumped 1.24% to $4.81 billion at the end of Q1 FY18 from $4.75 billion at the end of Q4 FY17.

Corning's net cash flow from operating activities was $320 million for the three months ending March 31, 2018, 67.54% higher than $191 million in the three months ending March 31, 2017. The Company had a free cash flow of $396 million in Q1 FY18, up 16.13% from $341 million in Q1 FY17.

GLW incurred capital expenditures of $655 million in Q1 FY18, an increase of 79.95% from $364 million in Q1 FY17.

GLW also made continued progress on its Strategy and Capital Allocation Framework. The Company returned $953 million to shareholders in Q1 FY18.

Outlook

For full year 2018, Corning expects total revenues to reach $11 billion as investments pay off with second-half capacity and margin expansion. The Company expects continued growth in optical communications, specialty materials, environmental technologies, and life sciences segments in FY18.

On April 26, 2018, Corning's Board of Directors declared a quarterly dividend of $0.18 per share on the Company's common stock, payable on June 29, 2018, to shareholders of record on May 31, 2018.

Stock Performance Snapshot

May 07, 2018 - At Monday's closing bell, Corning's stock marginally fell 0.44%, ending the trading session at $26.96.

Volume traded for the day: 3.47 million shares.

Stock performance in the last month – up 1.54%

After yesterday's close, Corning's market cap was at $22.75 billion.

The stock has a dividend yield of 2.67%.

The stock is part of the Technology sector, categorized under the Diversified Electronics industry. This sector was up 0.6% at the end of the session.

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