Corning Incorporated (NYSE:GLW) shares are trading higher after the company increased its second-quarter core sales guidance.
The company now projects core sales to be approximately $3.6 billion (vs. consensus of $3.41 billion), an increase from the previous guidance of $3.4 billion.
Core EPS is expected to reach the high end of, or slightly exceed, the management's guided range of $0.42 to $0.46 (vs. estimate of $0.45).
The company anticipates over $3 billion in annualized sales growth over the next three years, fueled by both cyclical factors and secular trends.
Wendell Weeks, chairman and chief executive officer, said, "The outperformance was primarily driven by the strong adoption of our new optical connectivity products for Generative AI. These results reinforce our confidence in 'Springboard' – Corning's plan to add more than $3 billion in annualized sales in the next three years as cyclical factors and secular trends combine."
"We've positioned the company to capture significant growth with powerful incremental profit and cash flow. Because of our confidence in Springboard, we began buying back our shares in the second quarter."
Management reaffirms that first-quarter sales will be the lowest of the year and anticipates higher sales throughout 2024 due to improving market conditions.
Corning projects to report second-quarter 2024 results on July 30, 2024.
Corning stock gained close to 10% in the last 12 months. Investors can gain exposure to the stock via First Trust S&P 500 Diversified Dividend Aristocrats ETF (NASDAQ:KNGZ) and ProShares Smart Materials ETF (NYSE:TINT).
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
康寧公司(紐約證券交易所代碼:GLW)上調第二季度核心銷售預期後,股價走高。
該公司現在預計核心銷售額約爲36億美元(而市場普遍預期爲34.1億美元),高於之前預期的34億美元。
核心每股收益預計將達到或略高於管理層0.42美元至0.46美元的指導區間(而估計爲0.45美元)。
該公司預計,在週期性因素和長期趨勢的推動下,未來三年的年化銷售額增長將超過30億美元。
董事長兼首席執行官溫德爾·威克斯表示:“跑贏大盤的主要原因是我們的新光學連接產品在生成式人工智能中的強勁採用。這些業績增強了我們對'Springboard'的信心——隨着週期性因素和長期趨勢的結合,康寧計劃在未來三年內增加超過30億美元的年化銷售額。”
“我們已使公司能夠通過強勁的增量利潤和現金流實現顯著增長。由於我們對Springboard的信心,我們在第二季度開始回購股票。”
管理層重申,第一季度的銷售額將是全年最低水平,並預計由於市場狀況的改善,2024年全年銷售額將增加。
康寧預計將於2024年7月30日公佈2024年第二季度業績。
康寧股票在過去12個月中上漲了近10%。投資者可以通過第一信託標準普爾500指數多元化股息貴族ETF(納斯達克股票代碼:KNGZ)和ProShares智能材料ETF(紐約證券交易所代碼:TINT)獲得股票敞口。
免責聲明:此內容部分是在人工智能工具的幫助下製作的,並由Benzinga的編輯審閱和發佈。