Corning beats by $0.01, beats on revs; raises FY18 revs guidance, above consensus
- Reports Q2 (Jun) earnings of $0.38 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.37; revenues rose 10.0% year/year to $2.75 bln vs the $2.67 bln Capital IQ Consensus.
- Co raises guidance for FY18, sees FY18 revs of ~$11.3 bln vs. $11.02 bln Capital IQ Consensus Estimate, up from ~$11.0 bln.
- "Each of our businesses met or exceeded expectations for the second quarter. We now anticipate that 2018 will be even stronger than originally expected, with full-year sales up 10% to approximately $11.3 billion, and margin expansion in the second half of 2018," said Tony Tripeny, senior vice president and chief financial officer.
- "Optical Communications, Specialty Materials, Environmental Technologies, and Life Sciences segments are all expected to continue to grow, and the pricing environment in Display Technologies is the best in more than a decade. Several of our largest capacity expansion projects have exited the start-up phase, and production and efficiency rates are climbing. We expect a step-change in sales and profitability in the third quarter, and we plan to build on that going forward."
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