The company said core sales grew to $2.4 billion (non-GAAP), a 32% increase on a year-over-year basis.
Net sales (GAAP) were $2.3 billion, a 26% increase on a year-over-year basis.
Core earnings per share were $0.31 per share (non-GAAP), an increase of 7% over the first quarter last year and better than expected.
GAAP earnings per share were $0.20.
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."
Highlights from the analysis by TheStreet Ratings Team goes as follows:
- Powered by its strong earnings growth of 200.00% and other important driving factors, this stock has surged by 52.99% over the past year, outperforming the rise in the S&P 500 Index during the same period. Regarding the stock's future course, although almost any stock can fall in a broad market decline, GLW should continue to move higher despite the fact that it has already enjoyed a very nice gain in the past year.
- CORNING INC reported significant earnings per share improvement in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past year. We feel that this trend should continue. During the past fiscal year, CORNING INC increased its bottom line by earning $1.34 versus $1.07 in the prior year. This year, the market expects an improvement in earnings ($1.45 versus $1.34).
- The net income growth from the same quarter one year ago has significantly exceeded that of the S&P 500 and the Electronic Equipment, Instruments & Components industry. The net income increased by 171.6% when compared to the same quarter one year prior, rising from $155.00 million to $421.00 million.
- GLW's debt-to-equity ratio is very low at 0.16 and is currently below that of the industry average, implying that there has been very successful management of debt levels. Along with this, the company maintains a quick ratio of 3.72, which clearly demonstrates the ability to cover short-term cash needs.
- The gross profit margin for CORNING INC is rather high; currently it is at 51.69%. It has increased from the same quarter the previous year. Along with this, the net profit margin of 21.52% significantly outperformed against the industry average.
- You can view the full analysis from the report here: GLW Ratings Report