Key Takeaways
- Shares of Corning, a beneficiary of the artificial intelligence (AI) boom, rose around 1% Tuesday after the specialty glass maker raised its longer-term and first-quarter outlooks.
- The company said it now expects sales in the first quarter to exceed $3.6 billion and earnings per share (EPS) to “come in at the high end of the range of $0.48 to $0.52.”
- Corning shares are up 46% in the past 12 months.
Shares of Corning (GLW), a beneficiary of the artificial intelligence (AI) boom, rose about 1% Tuesday after the specialty glass maker raised its longer-term and first-quarter outlooks.
Corning manufactures specialized glass and ceramic products including glass for smartphones and televisions to fiber optic cabling solutions for data centers, which have seen a surge in demand as investment in AI has grown.
The company said it now expects sales in the first quarter to exceed $3.6 billion and earnings per share (EPS) to “come in at the high end of the range of $0.48 to $0.52.” The new first-quarter sales outlook exceeds analyst expectations of $3.51 billion for the period, as reported by Visible Alpha.
Corning previously had said that it expects core sales to grow around 10% year-over-year to $3.6 billion, with core EPS rising about 30% to a range of 48 cents to 52 cents.
Corning also lifted its longer-term targets on Tuesday.
“Today, we upgraded our high-confidence Springboard plan to now add more than $4 billion in annualized sales, and to achieve operating margin of 20%, by the end of 2026,” CEO Wendell Weeks said.
Corning shares are up 46% in the past 12 months.
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