Corning (NYSE:GLW) Updates Q4 2024 Earnings Guidance

Corning (NYSE:GLW) issued an update on its fourth quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 0.530-0.570 for the period, compared to the consensus earnings per share estimate of 0.520. The company issued revenue guidance of $3.8 billion-$3.8 billion, compared to the consensus revenue estimate of $3.7 billion. Corning also updated its Q4 guidance to $0.53-0.57 EPS.

Corning Stock Up 5.7 %

GLW traded up $2.67 on Tuesday, hitting $49.51. The company had a trading volume of 9,170,195 shares, compared to its average volume of 5,714,859. Corning has a 52-week low of $26.37 and a 52-week high of $51.03. The firm has a market capitalization of $42.41 billion, a P/E ratio of 70.58, a P/E/G ratio of 1.73 and a beta of 1.04. The stock has a fifty day simple moving average of $43.98 and a 200-day simple moving average of $39.99. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating the consensus estimate of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same period last year, the firm posted $0.45 earnings per share. Corning’s revenue was up 3.5% compared to the same quarter last year. As a group, equities analysts expect that Corning will post 1.91 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.26%. Corning’s dividend payout ratio is currently 157.75%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on GLW shares. Oppenheimer boosted their price objective on Corning from $47.00 to $51.00 and gave the company an “outperform” rating in a research report on Friday, September 20th. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Argus upped their target price on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Susquehanna boosted their price target on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. Finally, Bank of America increased their price target on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Corning currently has an average rating of “Moderate Buy” and an average price target of $47.23.

About Corning

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.