Corning Incorporated (GLW) reported quarterly earnings results on Wednesday, Jul-27-2016. The company said it had a profit of $0.37 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.05. Analysts had a consensus of $0.32. The company posted revenue of $2360.00 million in the period, compared to analysts expectations of $2377.57 million. The company’s revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.38 EPS.
Many Wall Street Analysts have commented on Corning Incorporated. Corning Incorporated was Initiated by Citigroup to “Buy” on Jun 20, 2016. Corning Incorporated was Downgraded by Standpoint Research to ” Hold” on Jun 13, 2016. Corning Incorporated was Downgraded by Drexel Hamilton to ” Sell” on Jun 10, 2016.
Corning Incorporated opened for trading at $21.49 and hit $22.62 on the upside on Thursday, eventually ending the session at $22.29, with a gain of 3.72% or 0.8 points. The heightened volatility saw the trading volume jump to 2,23,09,658 shares. Company has a market cap of $23,970 M.
In a different news, on Jun 8, 2016, R Tony Tripeny (Senior Vice President and CFO) sold 7,500 shares at $21.17 per share price. According to the SEC, on Jun 8, 2016, Mark S Rogus (Senior VP & Treasurer) sold 10,896 shares at $21.18 per share price. On May 25, 2016, Clark S Kinlin (Executive Vice President) sold 54,352 shares at $19.83 per share price, according to the Form-4 filing with the securities and exchange commission.
Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company creates and makes keystone components that enable systems for consumer electronics mobile emissions control optical communications and life sciences. Corning operates in five segments: Display Technologies which manufactures glass substrates; Optical Communications which is engaged in providing optical solutions; Environmental Technologies which manufactures ceramic substrates and filter products; Specialty Materials which manufactures products that provide more than 150 material formulations for glass glass ceramics and fluoride crystals and Life Sciences segment which is a developer manufacturer and supplier of scientific laboratory products. The Company manufactures and processes products at approximately 90 plants in 17 countries.