Corning Incorporated (NYSE:GLW), based in New York, announced a 39% decline in Q2 earnings amid price drops for its LCD screens.
Corning, the world’s biggest manufacturer of glass for flat-panel televisions, reported in a statement on Wednesday that net income moved down to $462 million or 30 cents per share, from $755 million or 47 cents per share in previous year. Profit without onetime items was 31 cents per share, matching the median of Bloomberg gathered 18 analysts’ forecasts.
CEO of Corning Jim Flaws reported in an interview that Corning has been asking clients to agree to additional stability after almost 6 months of steep price drops amid boosting rivalry.
Flaws reported that demand slowed in Spain and China, mainly for cars, in the Q2.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. TE Connectivity Ltd (NYSE:TEL) rose +0.10% to settle at $31.38, 3M Co (NYSE:MMM) moved up +0.58% to end at $88.75 while PPG Industries, Inc (NYSE:PPG) decrease -0.99% to finish on Wednesday at $107.49.
Corning Incorporated (NYSE:GLW) last session volume of 38.35 million shares was surprisingly higher than its average volume of 10.85 million shares. The stock after opening at $11.99 hit high price of $12.02 and then closed at $11.14 by scoring -7.71%.
The liquidity measure in recent quarter results of the company was recorded 5.50 as current ratio and on the other side the debt to equity ratio was 0.15 and long-term debt to equity ratio also remained 0.15.The Company had total cash at hand $6.84 billion and a book value per share as $14.07 in the most recent quarter.
The stock price volatility was 3.16% for a week and 2.20% for a month as well as price volatility’s Average True Range for 14 days was 0.32 and its beta remained 1.40.
GLW generated revenue of 7.89 billion in the following twelve months and earned $7.52 billion. The Company showed a positive 31.94% in the net profit margin and as well as in its operating margin which remained 19.98%. Company’s annual sales growth for the past five year was 8.81%.
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