- Topped consensus on Q4 EPS; revenues rose +15.1% to arrive about in-line with consensus; forecasts continued growth in 2019 and beyond; expects display glass market volume to grow by a mid-single digit percentage in full-year 2019; expects price declines to remain moderate in Q1, representing the most favorable first quarter price change in over a decade; expects to see growth in Optical Communications in 2019 -- in the segment, which has expanded its market access through recent acquisitions, sales increased +26% year/year during the quarter, surpassing $1 bln for the third consecutive quarter, and segment net income rose +67% year/year.
Corning beats by $0.01, reports revs in-line; provides FY19 guidance
- Reports Q4 (Dec) earnings of $0.59 per share, excluding non-recurring items, $0.01 better than the S&P Capital IQ Consensus of $0.58; revenues rose 15.1% year/year to $3.04 bln vs the $3.02 bln S&P Capital IQ Consensus.
- Company expects continued growth in 2019 and beyond, driven by benefits from its investments as well as adoption of technologies well-aligned to key industry trends and Corning's cohesive portfolio
- For full-year 2019, Corning expects display glass market volume to grow by a mid-single digit percentage. The company expects its volume to grow more than the market, resulting from the ramp of its Gen 10.5 facility during 2018. Annual Display glass price declines are expected to be a mid-single-digit percentage, an improvement over 2018.
- In the first quarter, price declines are expected to remain moderate and be the most favorable first-quarter price change in over a decade. Volume is expected to be down by a mid-single digit percentage sequentially, consistent with the market, which typically declines in the first quarter.
- The company expects another year of growth in Optical Communications in 2019. Specifically, full-year sales are expected to be up by a low-teens percentage, with first-quarter sales up in the low-20 percent range year over year.
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