-=Corning (GLW) reported earnings on Wed 26 Jan 22 (b/o)

 

Corning beats by $0.02, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY22 revs above consensus

• Reports Q4 (Dec) earnings of $0.54 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of $0.52; revenues rose 11.6% year/year to $3.71 bln vs the $3.59 bln S&P Capital IQ Consensus.
  • Fourth-quarter core gross margin was 36.5%, down 180 basis points sequentially.
  • Co added, "Freight, logistics, and raw material costs along with lower automotive sales due to chip shortages impacted our margins. Over the last several months, we negotiated with our customers to increase prices in our contracts to share increased costs more appropriately. The revised pricing terms take effect throughout 2022, and we expect gross margin to expand accordingly."
• Co issues upside guidance for Q1, sees EPS of $0.48-0.53, excluding non-recurring items, vs. $0.48 S&P Capital IQ Consensus; sees Q1 revs of $3.5-3.7 bln vs. $3.44 bln S&P Capital IQ Consensus.
• Co issues upside guidance for FY22, sees FY22 revs of $15.0 bln vs. $14.66 bln S&P Capital IQ Consensus.