How are energy investors positioned?
NEW YORK - Corning Incorporated (NYSE:GLW) reported better-than-expected first quarter results and issued upbeat guidance on Tuesday.
The company’s shares gained 1.41% in premarket trading following the release.
The company posted adjusted earnings per share of $0.54, surpassing analyst estimates of $0.51. Revenue came in at $3.68 billion, topping expectations of $3.64 billion and representing a 13% year-over-year increase.
Corning’s Enterprise business, which provides products for Gen AI data centers, saw sales surge 106% YoY. This drove a 46% revenue jump in the Optical Communications segment to $1.36 billion.
"We announced strong first-quarter results that exceeded guidance. Core sales grew 13% year over year and core EPS grew three times faster," said Wendell P. Weeks, chairman and CEO.
For the second quarter, Corning expects core sales of approximately $3.85 billion and adjusted EPS of $0.55 to $0.59, both ahead of analyst projections.
The company noted its guidance factors in a $0.01 to $0.02 impact from current tariffs and $0.03 in temporarily higher costs related to ramping production for Gen AI and solar products.
"We’re well positioned to maintain momentum despite a dynamic external environment because our growth is underpinned by powerful secular trends that are underway today," Weeks added.
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