In its upcoming report, Corning (GLW) is predicted by Wall Street analysts to post quarterly earnings of $0.50 per share, reflecting an increase of 31.6% compared to the same period last year. Revenues are forecasted to be $3.43 billion, representing a year-over-year increase of 5.2%.
The current level reflects no revision in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.
Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.
While it's common for investors to rely on consensus earnings and revenue estimates for assessing how the business may have performed during the quarter, exploring analysts' forecasts for key metrics can yield valuable insights.
Given this perspective, it's time to examine the average forecasts of specific Corning metrics that are routinely monitored and predicted by Wall Street analysts.
It is projected by analysts that the 'Net Sales- Display Technologies' will reach $912.96 million. The estimate indicates a year-over-year change of +4.7%.
Analysts forecast 'Net Sales- Optical Communications' to reach $1.27 billion. The estimate indicates a year-over-year change of +36.2%.
Based on the collective assessment of analysts, 'Net Sales- Hemlock and Emerging Growth Businesses' should arrive at $321.84 million. The estimate suggests a change of +3.5% year over year.
Analysts expect 'Net Sales- Specialty Materials' to come in at $468.60 million. The estimate indicates a change of +3.2% from the prior-year quarter.
The consensus estimate for 'Net Sales- Life Sciences' stands at $249.16 million. The estimate points to a change of +5.6% from the year-ago quarter.
Analysts' assessment points toward 'Net Sales- Environmental Technologies' reaching $419.24 million. The estimate indicates a change of -7.9% from the prior-year quarter.
The average prediction of analysts places 'Segment Net Income- Optical Communications' at $169.93 million. Compared to the current estimate, the company reported $100 million in the same quarter of the previous year.
The collective assessment of analysts points to an estimated 'Segment Net Income- Display Technologies' of $221.66 million. Compared to the present estimate, the company reported $201 million in the same quarter last year.
The combined assessment of analysts suggests that 'Segment Net Income- Life Sciences' will likely reach $19.50 million. The estimate is in contrast to the year-ago figure of $13 million.
Analysts predict that the 'Segment Net Income- Environmental Technologies' will reach $90.91 million. The estimate is in contrast to the year-ago figure of $105 million.
According to the collective judgment of analysts, 'Segment Net Income- Specialty Materials' should come in at $72.16 million. Compared to the current estimate, the company reported $44 million in the same quarter of the previous year.
View all Key Company Metrics for Corning here>>>
Shares of Corning have demonstrated returns of -3.7% over the past month compared to the Zacks S&P 500 composite's -4.3% change. With a Zacks Rank #3 (Hold), GLW is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
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Corning Incorporated (GLW): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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