Corning issued a third-quarter outlook this morning that cheered the Street, sending the stock up 3.6% in early trading. The company said it expects results from its latest reporting period to come in at the upper end of its forecasted range of 34 cents to 37 cents per share. Analysts' consensus view currently stands at 36 cents. GLW expects quarterly sales to hit $1.53 billion to $1.58 billion.
In a statement before the Bank of America Investment Conference, GLW Senior VP of Finance Katherine A. Asbeck plans to note that Corning's latest outlook is a reflection of the company's strong performance throughout the first two months of this quarter as well as continued strengthening of the yen, which could increase earnings per share by a penny per share.
The press release also confirmed that Corning's third-quarter dividend, a total payout of $80 million, will be distributed on September 28. Additionally, Asbeck will note that the firm has completed the repurchase of $125 million in common stock, or about 5.3 million shares, in the third quarter.
According to Briefing.com, Corning is scheduled to release its earnings numbers on October 24 ahead of the open.