Latest news with #CorningInc
Yahoo
03-08-2025
- Business
- Yahoo
Corning Inc. (GLW) Surges 12% as Earnings, Outlook Impress
We recently published Corning Inc. (NYSE:GLW) is one of the companies that stood stronger last week. Corning Inc. grew its share prices by 12.08 percent week-on-week as investor sentiment was bolstered by an outstanding earnings performance and an optimistic outlook. Based on its updated report, Corning Inc. (NYSE:GLW) expanded its net income by 351 percent in the second quarter to $469 million from the $104 million in the same period last year. Net sales also increased by 19 percent to $3.86 billion from $3.25 billion year-on-year. According to the company, the jump was primarily driven by key secular trends and its 'More Corning' content strategy which helped drive demand. Encouraged by the results, Corning Inc. (NYSE:GLW) raised its growth outlook for the rest of the year, with both sales and earnings expected to grow by double digits year-on-year. Core sales were pegged at $4.2 billion while EPS was targeted at a range of $0.63 to $0.67. Copyright: etfoto / 123RF Stock Photo 'Third quarter guidance factors in about $0.01 to $0.02 for the impact of currently enacted tariffs, along with $0.02 to $0.03 of temporarily higher cost as production ramps to meet increased demand for new Gen AI and US-made solar products,' Corning Inc. (NYSE:GLW) said. While we acknowledge the potential of GLW as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the .
Yahoo
29-07-2025
- Business
- Yahoo
Corning Eyes More Growth As AI, Solar Demand Surges
Corning Inc. (NYSE:GLW) reported better-than-expected second-quarter 2025 results Tuesday and announced a third-quarter outlook, citing continued strong demand for its generative AI and U.S.-made solar products. The company posted adjusted earnings of 60 cents per share, beating analyst estimates of 57 cents. Core sales rose 12% year-over-year to $4.04 billion, exceeding the $3.86 billion consensus. Core EPS grew 28%, while adjusted free cash flow increased 28% to $451 million. The core operating margin expanded by 160 basis points to 19%.On a GAAP basis, Corning reported $3.86 billion in revenue, up from $3.25 billion a year ago, and net income of $469 million, compared with $104 million in the same quarter last year. The company said the difference between GAAP and core EPS primarily reflected mark-to-market adjustments on currency-related contracts and constant currency changes. Optical Communications revenue rose 41% to $1.57 billion, driven by an 81% year-over-year increase in enterprise sales. Display sales declined 11% year over year to $898 million. 'Year over year, core sales grew 12% while core operating margin expanded 160 basis points to 19%, core EPS grew 28%, and core ROIC improved 210 basis points to 13.1%,' said Ed Schlesinger, executive vice president and chief financial officer. 'Additionally, adjusted free cash flow grew 28% year-over-year to $451 million.' View more earnings on GLW Specialty Materials revenue climbed 9% to $545 million, while Automotive sales declined 4% to $460 million. Life Sciences held steady at $250 million. Hemlock and Emerging Growth Businesses' revenue increased 31% to $326 million. Operating cash flow for the quarter was $708 million, with adjusted free cash flow at $451 million, both up from the prior year. 'We expect our strong Springboard performance to continue,' said Wendell P. Weeks, chairman and chief executive officer. 'Customer response to our new Gen AI and U.S.-made solar products has been remarkable. We're driving more Corning content into our Mobile Consumer Electronics, Display, Automotive, and Optical Communications platforms. We also anticipate new growth drivers to emerge, as customers increasingly leverage our large U.S. advanced manufacturing footprint.' Outlook For the third quarter, Corning expects core sales of $4.2 billion, above the Street estimate of $4.01 billion, and adjusted EPS in the range of 63 to 67 cents, ahead of the 61-cent consensus. Management anticipates continued strong performance under its Springboard plan, with double-digit year-over-year growth in both sales and earnings. Guidance includes a $0.01 to $0.02 impact from tariffs and a $0.02 to $0.03 temporary cost increase associated with scaling production to meet demand for Gen AI and solar offerings. Price Action: GLW shares are trading higher by 13.3% to $62.77 at last check Tuesday. Read Next:Photo via Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? CORNING (GLW): Free Stock Analysis Report This article Corning Eyes More Growth As AI, Solar Demand Surges originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
17-07-2025
- Business
- Yahoo
Corning Inc.'s community golf tournament surpasses $1 million mark in fundraising: Impact
Corning Incorporated's 22nd annual community golf tournament in support of United Way of the Southern Tier hit a fundraising milestone July 11, surpassing $1 million in net proceeds since the event began in 2004. 'We are incredibly grateful to Corning Inc., the dedicated golf tournament committee, and the many sponsors, players, and volunteers whose commitment and generosity made this milestone possible,' said Maleaha Smith, President and CEO of United Way of the Southern Tier. 'More than $1 million raised through this tournament means thousands of lives touched, from young children who start school ready to learn, to seniors who can age safely at home.' Corning Inc. employees plan, organize and volunteer at the annual tournament, and businesses from around the region and across the country support the event through sponsorships. "Corning Inc., has always believed in the power of community, and we're proud to support United Way of the Southern Tier in their mission to uplift and serve our neighbors,' said Millicent Ruffin, Corning Inc. Division Vice President, Corning Community Impact. 'Surpassing the $1 million milestone is more than just a number, it's a reflection of our community's dedication and generosity, and our long-standing commitment to making a meaningful difference where we live and work.' The first tournament in 2004 was organized by Corning Inc.'s IT department and raised about $2,500 for United Way of the Southern Tier programs in Chemung and Steuben counties. Ruffin said this year's tournament, which takes place over two days, July 11 and July 14 at the Corning Country Club, is expected to net $100,000 for programs supported by United Way of the Southern Tier. More than 80 teams are participating in the two-day event, officials said. Donations to United Way of the Southern Tier make a transformative impact in the community and support 69 programs for children, senior citizens, our neighbors in need, and people facing the aftermath of natural disasters. More: The Mug Shotz, new Corning restaurant, offers late-night and early-morning dining options Groups that support the event include BCK Partners Inc., Cisco, Coca-Cola Northeast, CSI Leasing, ePlus, Kennedy Valve, HUNT Engineers, Architects & Surveyors, Odyssey Controls, Parkway Paints & Flooring, Welliver, and XGen Pharmaceuticals. This article originally appeared on The Leader: Corning's United Way golf fundraiser hits $1 million milestone Solve the daily Crossword
The Star
08-05-2025
- Business
- The Star
Corning poised to invest US$500mil to expand presence in China
Beijing: US-based materials science company Corning Inc plans to invest another US$500mil in China this year, reinforcing its long-standing commitment to what it calls its most important overseas market, despite ongoing geopolitical and economic headwinds. 'This year marks the milestone of Corning being in China for 45 years, so we are going to expand our capability and also upgrade our technology,' Lin Chunmei, vice-president of Corning Inc, said during a recent exclusive interview with China Daily. 'Our strategy is very simple – just keep investing in our leading technology capabilities in China.' Since entering the Chinese market in the 1980s, Corning has invested more than US$9bil in the country. Today, it operates 21 manufacturing plants, a research and development centre and three technology centres, employing nearly 6,000 people across the country. Despite headwinds such as weaker global demand and trade disputes, Lin, who is also president and general manager of Corning Greater China, said she expects the company to achieve steady growth in China this year, voicing strong confidence and optimism about China's long-term prospects. 'China is no longer a country of just cheap labour. It has very sophisticated talent and a complete infrastructure,' Lin said. 'I think China now has much more power and strength to go through challenges than before.' While acknowledging the short-term challenges posed by trade frictions between the United States and China, Lin argued that economic logic would ultimately prevail. 'This kind of trade war is a lose-lose. China will get hurt, but the others will hurt too,' she said. 'At the end of the day, business is business. We need to be rational to make the most logical decisions that benefit both. Eventually, I think that will be the solution.' This year, China is putting a priority on fostering new high-quality productive forces and boosting technological innovation in its economic agenda. According to the Government Work Report, China will strive to develop new productive forces in light of local conditions and accelerate the development of a modernised industrial system. This will require the fostering of emerging industries and industries of the future, such as bio-manufacturing, quantum technology and embodied artificial intelligence (AI). 'Developing new productive forces will be key to boosting China's long-term economic growth potential, with AI – in which the United States and China are seeking to gain a competitive edge – set for intensified development,' said Li Chao, chief economist at Zheshang Securities. 'Future industries could be a particular focus and we anticipate new industrial plans to outline their growth trajectories.' Now, Corning is capitalising on key trends, including China's AI boom, data centre expansion and environmental policy upgrades – areas where the company's speciality glass, ceramics and expertise in optical physics are in high demand. 'AI is very important to us because customers need better connection,' Lin said. 'It has enhanced our optical communications business globally – in the US and also in China. We are actually upgrading our fibre capabilities, making more premium fibre in China, and we also have a plan to increase our capability to support the demand for data centres.' The company is also targeting growth in China's auto sector, the world's largest in terms of both sales and manufacturing capability. Corning provides advanced glass and emission control products for the country's increasingly tech-forward and environmentally-conscious vehicles. 'China-made cars are very cool, not only their engines but also user-friendly designs. 'Our auto glass really makes it very user-friendly and visually appealing. That's an investment area we continue to expand in,' Lin said. 'To us, 'grow with China' is not a slogan – it's what we have seen in the past,' Lin said. 'The next China is still China. I believe in it. China still has a lot of strong momentum and strengths to keep growing.' — China Daily/ANN
Yahoo
02-05-2025
- Business
- Yahoo
Corning increased solar Michigan facility investment to $1.5B
This story was originally published on Manufacturing Dive. To receive daily news and insights, subscribe to our free daily Manufacturing Dive newsletter. Corning Inc. announced plans on Tuesday to invest another $600 million in its upcoming solar component facility in Richland Township, Michigan, aiming to accelerate advanced manufacturing operations. The additional funds will create 400 more jobs, bringing the total to 1,500 roles. The money builds on its February 2024 announcement through a $900 million investment. Production at the now $1.5 billion factory, which will be operated under Corning's subsidiary Solar Technology, is expected to come online in the second half of the year, Chairman and CEO Wendell Weeks said in an earnings call Tuesday. The solar industry experienced unprecedented growth in domestic capacity in 2024, accounting for 66% of the energy-generating segment space — which includes wind, natural gas and coal — in the United States, according to a U.S. solar market insight report from Wood Mackenzie and the Solar Energy Industries Association. The increase was due to investments in capacity that were driven by the Inflation Reduction Act, as well as more resilient supply chains and growing interest from utility and power companies, the report stated. Corning is experiencing increased demand for its solar products as well, which Weeks said makes the company's solar assets 'even more valuable.' Corning sold out its solar wafer capacity for the year, including from the Michigan facility under construction, EVP and CFO Edward Schlesinger said in the earnings call. Furthermore, the company sold 80% of its planned capacity for the next five years, Weeks said last month at the company's investor event. Corning also launched a new solar market access platform, which it expects to generate $2.5 billion in revenue by 2028, Weeks said last month at the company's investor event. The company expects to see a 'positive incremental impact' on its sales, profits and cash flow in the second half of the year, Schlesinger said in the earnings call. 'We are commercializing our new Made in America ingot and wafer products this year,' Schlesinger said. 'We have committed customers for 100% of our capacity available in 2025 and 80% of our capacity for the next five years.' While other companies and industries are adjusting their earnings forecasts for the year due to recent tariffs, the current levies are not significant for Corning due to stronger demand for their U.S.-made products, Weeks said. 'Our customers in optical communications, in solar, in mobile consumer electronics, and in life sciences are seeking to leverage our U.S. manufacturing footprint,' Weeks said. 'And we expect to close and potentially announce commercial agreements in the coming months.' Corning has taken further action to keep production in the U.S. and mitigate the impact of tariffs. Last month, the company announced a partnership with solar component manufacturers Suniva and Heliene to develop a U.S. supply chain, producing solar modules domestically made with polysilicon, wafers and cells. Corning will supply the wafers while Hemlock Semiconductor, its joint venture with Japan-based Shin-Etsu Handotai, will supply extremely pure polysilicon from its Hemlock, Michigan, facilities. Recommended Reading Corning, Suniva and Heliene form US solar supply chain Sign in to access your portfolio
