Corning is in the news today after upwardly revising its fourth-quarter earnings guidance. The company now expects earnings per share to fall between 38 and 40 cents per share, up from its previous forecast of 36 to 38 cents per share. Corning lifted its outlook due to strong October results, November orders and operating performance in our display technologies business, according to President and COO Peter F. Volanakis.
Just last month, the shares of Corning tumbled after the firm issued a fourth-quarter outlook that fell short of Wall Street's expectations. The current consensus estimate from analysts calls for earnings of 37 cents per share in the fourth quarter, down from the 39 cents per share analysts were targeting a month ago.
The company also boosted its fourth-quarter sales guidance, ratcheting the expected range up from $1.5 billion-$1.55 billion to $1.53 billion-$1.56 billion. Year-over-year sales growth is expected to reach 12%, while earnings growth is expected to come in at 23%.
Volanakis added that If the recent strength in the Japanese yen continues for the rest
of the quarter, the company should be able to meet the upper end of its revised EPS guidance. The shares of Corning are up more than 9% in pre-market activity, but are still trading south of the 25 level home to peak call open interest in the November series.