GLW stock is down 43.2% over the last month, and Corning reports second-quarter results Tuesday morning. The setup is stark: last quarter it beat revenue expectations, but its next-quarter revenue guidance missed Wall Street's estimate.
$4.35 billion in revenue last quarter showed Corning still has scale, with sales up 18.1% year on year and EPS in line with analysts' estimates. For GLW investors, the question is whether that pace can hold after a month in which the stock has badly lagged the electrical equipment group.
Corning and Wall Street Estimates
30 days of analyst estimates have mostly held steady, which leaves Tuesday morning as the next hard reset for Corning. The market is looking for 14.9% revenue growth this quarter, above the 12.2% growth Corning posted in the same quarter last year.
$215.47 is the average analyst price target on Corning, versus a current share price of $145.08. That gap shows how much revenue, margin, and guidance will have to do on the call if the stock is going to reclaim ground lost before earnings.
Allegion and Teledyne
12.7% revenue growth and a 3.1% beat from Allegion set one reference point for how a peer can be rewarded, with the stock up 9.6% after results. Teledyne showed a different path: revenues rose 9.8%, estimates were topped by 5.3%, and the shares finished unchanged.
3.5% lower average share prices across the electrical equipment group over the last month leave Corning in a weaker position than the group itself. If Tuesday brings another revenue beat, the bigger issue will be whether management can pair it with guidance that does not repeat last quarter's miss on the next quarter.
Whether Corning will do that is what GLW holders are waiting to learn Tuesday morning.
