Corning sees Q2 core EPS 42c-49c, consensus 48c

Sees core sales $3.4B-$3.6B, consensus $3.57B. Ed Schlesinger, executive vice president and chief financial officer, said, "For the first quarter, we delivered core sales of $3.4 billion and core EPS of $0.41. Gross margin was 35.2% and operating margin was 15.5%, demonstrating meaningful improvements from the fourth quarter. The actions we took on price and productivity are examples of the strong financial stewardship we are applying to weather current demand levels and maintain our long-term trajectory for durable, profitable growth. For the second quarter, we expect sales, profitability, and cash generation to increase, driven by our profit-improvement initiatives and continued recovery in Display Technologies. Stepping back, we remain confident in our relevance to long-term secular trends and our ‘More Corning’ approach, and we are well positioned to capture multiyear sales growth as the global economy improves."