Corning Inc. (NYSE: GLW) has reported earnings that are so far pleasing Wall Street. The LCD glass giant posted $0.64 EPS on a gain, and from operations it posted $0.44 EPS on revenues of $1.62 Billion. First Call estimates were $0.42 EPS on $1.59 billion in revenues. Gross margins were an all-time high of 52%.
The comments from the CFO should say it all: “Global demand for LCD televisions and laptop computers remains strong… We continue to closely monitor the U.S. retail market, but we have not seen any indication that the U.S. slowdown is impacting our LCD glass business.”
The company is also increasing its Cap-Ex spending for the year to $1.8 to $2 Billion to increase LCD capacity. The company’s raw guidance is $0.47 to $0.50 EPS on $1.71 to $1.75 Billion in revenues. For 2008, the company is projecting free cash flow of at least $500 million
Next quarter estimates are $0.43 EPS on $1.67 billion in revenues. Estimates for fiscal Dec-2008 are $1.75 EPS on $6.82 billion in revenues.
Shares are up 4% pre-market at $26.75, and the 52-week trading range is $20.04 to $27.25.
Jon C. Ogg
April 29, 2008