John M. Chase
- Corning (NYSE:GLW) shares rose more than 6% in early trading on Monday as the glass and advanced optics maker lifted its second-quarter guidance, buoyed in part by generative artificial intelligence.
- Corning, whose products are used in smartphones, automotive, life sciences and more, said it now expects core sales to be roughly $3.6B, up from a previous estimate of $3.4B. It also expects earnings to be at the high-end or above the previously guided range of $0.42 to $0.46 per share.
- “We expect second-quarter core sales to exceed our previous guidance and mark a return to year-over-year growth,” Corning’s Chairman Chief Executive Officer Wendell Weeks said in a statement. “The outperformance was primarily driven by the strong adoption of our new optical connectivity products for Generative AI. These results reinforce our confidence in ‘Springboard’ – Corning’s plan to add more than $3 billion in annualized sales in the next three years as cyclical factors and secular trends combine.”
- Corning will report final second-quarter 2024 results on July 30 prior to the market open.