- Corning press release ( NYSE: GLW ): Q3 Non-GAAP EPS of $0.51 in-line.
- Revenue of $3.7B (+2.8% Y/Y) beats by $30M .
- Optical Communications, Environmental Technologies, Life Sciences, and Hemlock and Emerging Growth Businesses delivered year-over-year growth; sales in Specialty Materials increased sequentially and declined year over year.
- Display Technologies’ sales declined 22% sequentially and 28% year over year, as volume declined in line with the market; glass price was consistent sequentially.
- Core gross margin and core operating margin of 36.1% and 16.9%, respectively, were impacted by low volume in Display Technologies.
- Shares -2% PM.
- For the fourth quarter, Corning expects $3.45 billion to $3.65 billion in core sales vs. $3.74B consensus with core EPS of $0.41 to $0.47 vs. $0.55 consensus.
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Corning Non-GAAP EPS of $0.51 in-line, revenue of $3.7B beats by $30M