CORNING INCORPORATED Reports Profitable Earnings Results for FY2023 Q2
July 27, 2023
☀️Earnings Overview
On July 25, 2023, Corning Incorporated ($NYSE:GLW) reported their earnings for the second quarter of Fiscal Year 2023 ending June 30, 2023. The total revenue for the period was USD 3243.0 million, a decrease of 10.3% from the same quarter in the previous year. Their net income was USD 281.0 million, a decrease of 50.1%.
Price History
On Tuesday, CORNING INCORPORATED released their quarterly earnings results for the fiscal year 2023 Q2. The stock opened at $33.7 before closing at $34.0, a 2.4% increase from the prior closing price of 33.2. This is a positive sign for shareholders, signifying that CORNING INCORPORATED is continuing to show profitable returns. Analysts have long been watching CORNING INCORPORATED’s performance, particularly in light of their ambitious expansion plans. The technology and innovation-focused company has been striving to create new products and services to keep up with changing market trends.
It appears that this strategy is paying off as the company is reporting higher than expected profits. The strong financial results for Q2 are sure to further bolster investor confidence in the company. With their stock price rising and profits increasing, CORNING INCORPORATED appears to be on track for continued success in the near future. This is good news for current shareholders, as well as potential investors who are considering investing in the company. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Corning Incorporated. More…
| Total Revenues | Net Income | Net Margin |
| 13.31k | 629 | 3.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Corning Incorporated. More…
| Operations | Investing | Financing |
| 1.89k | -1.3k | -635 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Corning Incorporated. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 28.64k | 16.93k | 13.92 |
Key Ratios Snapshot
Some of the financial key ratios for Corning Incorporated are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 7.6% | 49.1% | 9.1% |
| FCF Margin | ROE | ROA |
| 1.9% | 6.5% | 2.6% |
Analysis
At GoodWhale, we recently undertook a task of analyzing CORNING INCORPORATED‘s wellbeing. After studying the Star Chart, it was clear that CORNING INCORPORATED possessed a strong dividend, and a medium asset, profitability and growth. After further research, we classified CORNING INCORPORATED as a ‘cow’, which means it has a track record of paying out consistent and sustainable dividends. This type of company is likely to be of interest to investors keen on capital preservation and sustained returns. Moreover, CORNING INCORPORATED also has a high health score of 8/10 in terms of its cashflows and debt, showcasing its capability of being able to safely ride out any crisis without the risk of bankruptcy. More…
Peers
Corning Incorporated is one of the world’s leading innovators in materials science, with a more than 165-year track record of life-changing inventions. Corning applies its unparalleled expertise in glass science, ceramic science, and optical physics along with its deep manufacturing and engineering capabilities to develop category-defining products that transform industries and enhance people’s lives.
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Summary
CORNING INCORPORATED reported its second quarter earnings for FY2023 as of June 30 2023 with a total revenue of USD 3243.0 million, down 10.3% year-over-year. Net income for the quarter was USD 281.0 million, a decrease of 50.1% compared to the prior year. Investors may find the decline in year-over-year performance concerning, however it is important to look at the longer-term trend to get a better assessment of the company’s financial health. Analysts should consider Corning’s financials, potential industry headwinds, and competitive landscape when formulating their investment thesis.
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