Corning reported earnings of 29 cents a share, beating the Capital IQ Consensus Estimate of 27 cents. Revenue fell 2% from the year-ago quarter to $2 billion, though it still beat the consensus of $1.93 billion.
Corning's core gross margins decreased 2 percentage points to 40% in the fourth quarter. The decline was due to lower volumes of its Gorilla Glass and a weaker sales mix in the Optical Communications segment, the company said.
Corning said it expects another year of growth for the LCD glass market in 2014, and expects Gorilla Glass volume to increase on a yearly basis in the first quarter. The company will provide full details for its 2014 outlook at its annual investors meeting on Feb. 7.
TheStreet Ratings team rates CORNING INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about its 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 solid stock price performance, revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."