NEW YORK – Corning Integrated (NYSE:) reported third-quarter earnings that barely beat analyst expectations and supplied an upbeat outlook for the fourth quarter, sending its shares up 5% in early buying and selling.
The specialty glass and ceramics maker posted adjusted earnings per share of $0.54 for Q3, edging previous the analyst consensus of $0.53. Income got here in at $3.73 billion, simply above estimates of $3.72 billion and up 8% YoY.
For the fourth quarter, Corning expects core gross sales of roughly $3.75 billion, surpassing the $3.651 billion analyst consensus. The corporate additionally forecasts This fall adjusted EPS of $0.53 to $0.57, above the $0.52 Wall Avenue estimate.
“We delivered one other robust quarter of year-over-year development,” stated Wendell P. Weeks, chairman and CEO. “Third-quarter core gross sales grew 8% to $3.73 billion, and core EPS grew 20% – greater than double the speed of gross sales – to $0.54, with core working margin increasing 160 foundation factors to 18.3%.”
The corporate highlighted robust efficiency in its Optical Communications phase, which noticed 36% YoY gross sales development. The Enterprise portion of this phase grew gross sales by 55% YoY, pushed by robust adoption of recent optical connectivity merchandise for generative AI.
Corning additionally carried out value will increase in its Show Applied sciences phase and expects to ship phase internet earnings of $900 million to $950 million in 2025 whereas sustaining a 25% internet earnings margin.
Ed Schlesinger, CFO, famous, “Within the fourth quarter, we count on year-over-year gross sales development to speed up and EPS to develop quicker than gross sales, with core gross sales rising about 15%, to roughly $3.75 billion, and core EPS rising roughly 40%.”
The corporate generated $553 million in adjusted free money circulation in the course of the quarter, demonstrating progress on its “Springboard” plan to enhance profitability and money circulation.
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