Corning sees Q3 core EPS same, slightly better than Q2, consensus 53c

In the third quarter, management expects core sales of approximately $3.5 billion and core EPS to be about the same or slightly better than in the second quarter. Ed Schlesinger, executive vice president and chief financial officer, said, “In the second quarter, sales grew 3% sequentially as higher sales in Display Technologies more than offset a decline in Optical Communications. We executed well on our comprehensive plan to improve profitability and cash flow. Core operating income increased 16% sequentially, and free cash flow grew to $310 million.” Schlesinger continued, “Looking ahead, we will continue improving profitability and cash generation in the second half despite our current sales outlook. Overall, we remain well positioned to capture upside, and as sales grow, we’ll drive strong operating leverage.”