Corning reported earnings of 38 cents a share for the second quarter, above analysts' estimates of 37 cents a share for the quarter. Revenue grew 0.2% year over year to $2.52 billion for the quarter, compared to analysts' estimates of $2.54 billion.
Display Technologies revenue fell to $963 million in the second quarter of 2015 from $1.017 billion in the second quarter of 2014.
Corning said it expects LCD glass volume to increase by a low single-digit percentage sequentially in the third quarter, with LCD price declines remaining at a moderate level.
"Our businesses are delivering strong results as evidenced by the 7 percent year-over-year core earnings growth," CEO Wendell P. Weeks said in a statement. "And our share repurchase program has leveraged the earnings growth into 12 percent core EPS growth. Our first-quarter acquisitions in the Optical Communications segment are paying off, especially in the growing hyperscale data centers market."
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 number of 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 compelling growth in net income, largely solid financial position with reasonable debt levels by most measures, expanding profit margins, impressive record of earnings per share growth and notable return on equity. We feel its strengths outweigh the fact that the company shows weak operating cash flow."
You can view the full analysis from the report here: GLW Ratings Report