Corning to Shatter Your Dreams
When Corning (GLW) reported its fiscal fourth quarter in late January, the company shattered investor's dreams. While the company beat the Street's consensus estimate by $0.08, it got ugly the more you poked around the income statement. Can Corning move higher or is the stock shattered?
On the surface, it seemed like a decent quarter. Corning reported fourth-quarter revenue of $1.89 billion, up 6.9% year over year. Glass volumes at the company's display technology division, moreover, were up 4%. The numbers declined 7% sequentially at the company's Precision LCD joint venture with Samsung, but that was in line with management's previous (lowered) guidance. Sales in the telecommunication segment increased 10.6% from a year earlier, and the specialty materials division saw its number jump 20.6%....286 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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