Corning Incorporated (NYSE:GLW) is projected to declare fiscal fourth quarter financial results right before the stock market’s official open on January 31, 2017. The stock lost about -2.1 percent in price since last results when it was at $23.89 a share. Based on the most relevant past-periods data, there is an 55.56 percent probability for this firm’s share price to go down following next quarterly results. Earnings reaction history tells us that the equity price moved down 15 times out of last 27 reported quarters. It has beaten earnings-per-share estimates 75% of the time in its last 12 earnings reports. It fell short of earnings estimates on 0 occasions, and it has met expectations 3 times.
Here’s how traders responded to GLW earnings announcements over the past few quarters.
Corning Incorporated (GLW) Earnings Surprises & Reaction
Given its history, the average earnings announcement surprise was 8.1 percent over the past four quarters. Back on October 25, 2016, it posted earnings per-share earnings at $0.42 which beat the consensus $0.38 projection (positive surprise of10.53%. For the quarter, revenue came in at 2.55B versus consensus estimate of 2.52B. The stock dropped -3.85 percent the session following the earnings reports were released, and on 7th day price change was -4.94 percent.
On July 27, 2016, it reported earnings at $0.37 a share compared with the consensus estimate of $0.32 per share (positive surprise of 15.63%). Revenue of 2.44B for that quarter was above the $2.38B analysts had expected. The stock retreated -1.02% the day following the earnings announcement, and on 7th day price change was 1.85%.
On April 26, 2016, it recorded $0.28 a share in earnings which missed the consensus estimate of $0.28 (negative surprise of 0%). Revenue for the quarter was $2.17B while analysts called for revenues to be $2.23B. The stock dropped -8.35% the day following the earnings data was made public, and on 7th day price change was -10.33%.
On January 26, 2016, it announced earnings per share at $0.34 versus the consensus estimate of $0.32 per share (positive surprise of 6.25%). That came on revenues of $2.4B for that period. Analysts had expected $2.33B in revenue.
Corning Incorporated Earnings Estimates
As Q4 earnings announcement date approaches, Wall Street is expecting earnings per share of $0.43. The analysts’ present consensus range is $0.37-$0.46 for EPS. The market consensus range for revenue is between $2.44B and $2.53B, with an average of $2.5B.
Corning Incorporated (NYSE:GLW) last ended at $23.4, sending the company’s market cap near $24.26B. The consensus 12-month price target from analysts covering the stock is $23.28. The share price has declined -3.07% from its top level in 52 weeks and dropped 30.59% this year. It recently traded in a range of $23.11-$23.47 at a volume of 9153718 shares. The recent trading ended with the price nearly 4.46 higher for the last 5 trading days, rebounding 48% from its 52-week low.