Stock Monitor: Intevac Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 08, 2018 / Active-Investors.com has just released a free earnings report on Corning Inc. (NYSE: GLW). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=GLW. The Company reported its fourth quarter fiscal 2017 and full fiscal year 2017 operating and financial results on January 30, 2018. The specialty glass maker topped revenue and adjusted profit estimates for the seventh consecutive quarter. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for Intevac, Inc. (NASDAQ: IVAC), which also belongs to the Technology sector as the Company Corning. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Corning most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=GLW
Earnings Highlights and Summary
For Q4 2017, Corning reported GAAP sales of $2.64 billion, up 7% compared to $2.48 billion in Q4 2016. The Company's core sales grew 7% to $2.74 billion in the reported quarter versus $2.55 billion in the year earlier same quarter. Corning's revenue numbers topped analysts' estimates of $2.63 billion.
For the full-year FY17, Corning's GAAP sales advanced 8% to $10.12 billion compared to $9.39 billion in FY16. The Company's core sales gained 8% to $10.51 billion in FY17 compared to $9.71 billion in FY16.
Corning reported a GAAP net loss of $1.41 billion, or $1.66 loss per share, in Q4 2017 compared to GAAP earnings of $390 million, or $0.39 per share, in Q4 2016. The Company's reported quarter results included $1.8 billion in non-cash items related to the recently-enacted tax reform. The majority of the $1.8 billion was a one-time toll charge of approximately $1.2 billion on unremitted foreign earnings. On an adjusted basis, Corning reported core earnings of $485 million, or $0.49 per share, versus $534 million, or $0.50 per share, in the prior year's comparable quarter. The Company's adjusted earnings beat Wall Street's estimates of $0.47 per share.
For FY17, Corning reported a GAAP net loss of $497 million, or $0.66 per share, compared to GAAP earnings of $3.70 billion, or $3.23 per share, in FY16. The Company's core earnings totaled $1.76 billion, or $1.72 per share, in FY17 compared to $1.77 billion, or $1.55 per share, in FY16.
Segment Results
For Q4 2017, Corning's Display Technologies segment's core sales totaled $847 million, down 2% on a y-o-y basis, while core earnings declined 3% to $221 million. In the reported quarter, the segment's volume was up slightly on a sequential basis, in-line with industry trends.
For FY18, Corning expects LCD glass market growth to be in the mid-single digit, similar to FY17, as screen size growth continues. Corning is forecasting the Company's volume to grow faster than the market as Corning supports the ramp-up of the world's first Gen 10.5 fab.
During Q4 2017, Corning's Optical Communications segment's sales grew 13% to $928 million on a y-o-y basis, while earnings fell 3% to $84 million. The segment recorded strong FY17 results, with sales of $3.5 billion, up 18% on a y-o-y basis, and core earnings up 33% to $396 million, driven by sales growth in both the enterprise and carrier businesses, as well as contributions from acquisitions.
For FY18, Optical Communications segment's sales are expected to increase by approximately 10%, excluding any contribution from the pending acquisition of 3M's Communications Markets Division.
During Q4 2017, Corning's Environmental Technologies segment's sales grew 19% to $291 million on a y-o-y basis, with core earnings up 33% to $36 million. In FY17, the segment's sales, including the first sales of gas particulate filters, were up 7% to $1.1 billion, driven by worldwide auto market growth and new business wins. The segment's core earnings grew 2% to $139 million on a y-o-y basis, as capacity and engineering investments partially offset the benefits of sales growth.
For FY18, Environmental Technologies segment's sales are expected to increase by a high-single digit percentage.
During Q4 2017, Corning's Specialty Materials segment's sales advanced 17% to $393 billion, and core earnings gained 12% to $73 million. For FY17, the segment's sales rose 25% to $1.40 billion, led by the increasing adoption of glass on the backs of devices.
In Q4 2017, Corning's Life Sciences segment's sales grew 9% to $225 million on a y-o-y basis, while core earnings jumped 18% to $20 million, as the business continued to outpace market growth. For FY17, the segment's sales advanced 5% to $879 million on a y-o-y basis. For FY18, the segment's sales are expected to grow by a mid-single-digit percentage.
Stock Performance Snapshot
February 07, 2018 - At Wednesday's closing bell, Corning's stock slightly climbed 0.07%, ending the trading session at $29.82.
Volume traded for the day: 11.5 million shares, which was above the 3-month average volume of 5.82 million shares.
Stock performance in the previous six-month period - up 1.77%; and past twelve-month period - up 12.15%
After yesterday's close, Corning's market cap was at $26.26 billion.
The stock has a dividend yield of 2.08%.
The stock is part of the Technology sector, categorized under the Diversified Electronics industry.
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