Corning Stock Rises as Specialty-Glass Maker Raises Long-Term, Quarter 1 Outlooks

Takeaways

• Corning shares, which are a beneficiary of artificial intelligence (AI), rose by around 1% on Tuesday after the specialty-glass maker raised its outlook for the longer term and the first quarter. 
• 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’s shares have increased by 46% in the last year. 

Corning’s (GLW) shares, a beneficiary of artificial intelligence (AI), rose about 1% after the specialty glass maker upgraded its long-term and first-quarter forecasts.

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.” Visible Alpha reported that the new sales forecast for the first quarter exceeded analyst expectations of $3.51billion.

Corning had previously said that they expect core sales to rise around 10% to $3.6 Billion, and core EPS to rise about 30% to 48 to 52 cents.

Corning also raised its longer-term goals on Tuesday.

Wendell Weeks, CEO, said: “Today we upgraded our high confidence Springboard plan, to now add over $4 billion in annualized sale, and to achieve an operating margin of 20% by 2026.”

Corning shares have risen 46% over the last 12 months.