Corning Incorporated (NYSE: GLW) reported a 88% dip in earnings for the second quarter of 2019 due to non-cash, mark-to-market losses associated with its currency-hedging contracts. However, the results exceeded analysts’ expectations.
Net income was $92 million or $0.09 per share, 88% lower than the previous year quarter. Core earnings grew by 18% to $0.45 per share, reflecting year-over-year sales and earnings growth across all businesses.
Sales rose by 7% to $2.94 billion and core sales increased by 8% to $2.99 billion. The results were benefited by growth in every business segment.
For the full-year 2019, Corning expects Life Sciences to grow by a mid-single digit percentage year over year as the business continues to outpace industry growth rate. While the smart phone market continues to mature, Corning expects Specialty Materials to grow sales, with the level dependent upon the adoption rate of Corning’s innovations.
For 2019, Display Technologies sequential glass price declines are expected to be a low- to mid-single digit percentage. Environmental Technologies sales are now expected to increase by a low-teens percentage, up from the company’s previous expectation of about 10%.
Corning is on track to deliver sales and earnings growth for the full-year 2019 and throughout the 2020-2023 Strategy & Growth Framework. For the third quarter, glass prices are expected to be consistent with the second quarter, which were moderate and more favorable than expected.
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Corning, which was formerly known as Corning Glass Works, will be benefited by the industry as it engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide.
For the second quarter, sales from Display Technologies increased by 9% year-over-year. The display glass market second-quarter volume grew by a mid-single digit percentage, and Corning’s glass volume grew significantly faster due to the ramp of Corning’s Gen 10.5 manufacturing capacity.
Environmental Technologies sales grew by 15% driven by the accelerated adoption of gas particulate filters and continued strong growth in heavy-duty diesel. Specialty Materials sales rose by 8% driven by continued strong demand for its portfolio of mobile consumer electronics glass solutions. Life Sciences had another strong quarter with sales of $260 million, up 6% year-over-year.
Shares of Corning closed Monday’s regular session up 0.92% at $34.10 on the NYSE. Following the earnings release, the stock declined over 2% in the premarket session.
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