Apple's Glass Supplier Corning Outperforms in Tough Market, Eyes $3B Sales Boost in Three Years
Portfolio Pulse from Anusuya Lahiri
Corning Inc (NYSE:GLW), a supplier for Apple Inc (NASDAQ:AAPL), reported a fiscal first-quarter 2024 core sales decline of 3% year-on-year to $3.26 billion, surpassing the consensus of $3.12 billion. Core EPS was $0.38, beating the consensus of $0.35. The company saw varied performance across its segments, with Display Technologies growing by 14% and Optical Communications declining by 17%. Corning's CEO announced plans to add more than $3 billion in annualized sales within the next three years. Corning expects Q2 core sales of $3.40 billion and core EPS of $0.42 - $0.46. GLW shares rose by 5.11% to $33.41. Investors can also gain exposure to Corning through ETFs like First Trust S&P 500 Diversified Dividend Aristocrats ETF (NASDAQ:KNGZ) and ProShares S&P Kensho Cleantech ETF (NYSE:CTEX).
April 30, 2024 | 5:45 pm
News sentiment analysis
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POSITIVE IMPACT
ProShares S&P Kensho Cleantech ETF, which includes Corning, could see a positive sentiment from Corning's earnings beat and growth outlook.
Given Corning's positive earnings report and future growth plans, ETFs like CTEX that include Corning may benefit from increased investor interest and potentially higher performance.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70
POSITIVE IMPACT
Corning Inc reported a better-than-expected fiscal first-quarter 2024, with a slight decline in core sales but beating consensus estimates. The company has ambitious plans to increase sales by over $3 billion in the next three years.
Corning's positive earnings report and optimistic sales growth plan are likely to instill confidence in investors, potentially leading to a short-term increase in stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
First Trust S&P 500 Diversified Dividend Aristocrats ETF, which includes Corning in its holdings, may see a positive impact from Corning's strong performance.
As Corning performs well, ETFs holding GLW, like KNGZ, may experience positive sentiment among investors, potentially boosting the ETF's performance in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70
NEUTRAL IMPACT
Apple Inc, as a major customer of Corning, may see indirect benefits from Corning's strong performance and growth plans, potentially affecting investor sentiment.
While Corning's performance is a positive indicator for its operations, the direct impact on Apple's stock is less clear, as it depends on broader market perceptions and Apple's own performance metrics.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50