Corning Trims FY22 Outlook; Guides Q3 Below Estimates

(RTTNews) - While reporting financial results for the second quarter on Tuesday, Corning Inc. (GLW) trimmed its core earnings and core sales guidance for the full year 2022. It also provided outlook for the third quarter.

For the third quarter, the company expects core earnings in a range of $0.51 to $0.55 per share on core sales between $3.65 billion and $3.85 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $0.60 per share on sales of $3.90 billion for the quarter. Analysts' estimates typically exclude special items.

For fiscal 2022, the company now projects core sales to slightly exceed $15 billion, growing in a range of 6 to 8 percent, with core earnings per share growing in line with sales.

Previously, the company expected sales to exceed $15 billion, with sales growing at a high-single digit percentage and earnings per share growing up to a few percentage points faster than sales.

The Street is looking for earnings of $2.33 per share on sales of $15.35 billion for the year.

For the second quarter, the company reported net income attributable to common shareholders of $563 million or $0.66 per share, compared to a net loss of $354 million or $0.42 per share in the prior-year quarter. Excluding items, adjusted earnings for the quarter was $0.57 per share, compared to $0.53 per share last year.

Net sales for the quarter grew 3 percent to $3.62 billion from $3.50 billion in the same quarter last year. Core sales grew 7 percent.

Analysts expected earnings of $0.57 per share on sales of $3.78 billion for the quarter.

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