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Corning (GLW) Posts Double-Digit Sales Growth on LCD Strength

Stocks in this article: GLW AAPL SNE

NEW YORK (TheStreet) -- Corning (GLW) beat expectations in its first quarter after reporting double-digit sales growth and better-than-expected earnings.

Over the three months to March, the company best known for supplying Gorilla glass for Apple  (AAPL) smartphones generated revenue 32% higher year over year to $2.39 billion. Analysts surveyed by Thomson Reuters forecast $2.3 billion.

Adjusted earnings of 31 cents a share beat estimates by a penny.

Sales in its display technologies unit soared 58% to $1 billion, thanks to sales to Sony  (SNE), Lenovo and LG. The company expects LCD sales up a  high single-digit percentage in its second quarter, while price declines per unit are expected to be significantly less than in its first quarter.

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TheStreet Ratings team rates CORNING INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:

"We rate CORNING INC (GLW) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."

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