- Corning press release ( NYSE: GLW ): Q2 Non-GAAP EPS of $0.57 beats by $0.01 .
- Revenue of $3.76B (+7.4% Y/Y) misses by $30M .
- Sales growth was driven primarily by Optical Communications as well as solar sales in Hemlock and Emerging Growth Businesses.
- Display Technologies sales declined 8% sequentially as volume declined in line with the market and lower panel maker utilization; glass price was up slightly sequentially.
- For the third quarter, Corning expects $3.65 billion to $3.85 billion vs. $3.79B consensus in core sales with core EPS of $0.51 to $0.55 vs. $0.56 consensus.
- Management expects Display Technologies volume to be down sequentially by a mid-teen percentage, in line with the market and lower panel maker utilization.
- Management now expects full-year core sales to slightly exceed $15 billion vs. $15.35B consensus, growing in a range of 6% to 8% (8.71% consensus), with core EPS growing in line with sales vs. 12.58% EPS growth consensus.
- Shares +0.6% PM.
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Corning Non-GAAP EPS of $0.57 beats by $0.01, expects Q3 EPS below consensus