Corning (NYSE:GLW) Soars on Q4 Results
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Corning (NYSE:GLW) Soars on Q4 Results

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Corning shares are on the rise today after investors were impressed with the company’s fourth-quarter performance.

Shares of materials science solutions provider Corning (NYSE:GLW) are up nearly 4% today after the company announced its fourth-quarter results. Despite a year-over-year decline of 9.9%, revenue of $3.27 billion outpaced expectations by $10 million. Further, EPS of $0.39 landed in line with estimates.

During the quarter, Optical Communications sales declined by 24% year-over-year due to lower demand from carrier customers. In contrast, Display Technologies sales ticked higher by 11%. Further, Corning’s gross margin improved by 330 basis points and adjusted free cash flow came in at $487 million. These metrics point toward pricing gains and lower inventory levels for the company.

Corning has begun 2024 with strong momentum, and Wendell Weeks, the Chairman and CEO of the company, noted that the firm has an opportunity to increase its sales by over $3 billion in the medium term. For the upcoming quarter, Corning expects core sales of $3.1 billion and core EPS of $0.32 to $0.38.

Is Corning a Good Investment?

Overall, the Street has a Hold consensus rating on Corning, and the average GLW price target of $32 implies a modest 2.7% potential upside in the stock. That’s after a nearly 18% gain in the company’s share price over the past three months.

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