Corning stock drops as its Q1 guidance disappoints

Corning Inc.
GLW,
-4.89%
stock fell 2.5% in premarket trades Tuesday after the glass maker said it would fall short of Wall Street expectations for first-quarter revenue and profit. Corning said it expects first-quarter revenue of $3.2 billion to $3.4 billion, below the analyst estimate of $3.55 billion, according to estimates compiled by FactSet. Corning is projecting first-quarter earnings of 35 cents to 42 cents a share, which would miss the analyst estimate of 46 cents a share.  “Even though the pandemic-related disruptions in China are currently impacting the television, automotive, smartphone, and IT markets, we’ll be ready to capture growth when consumer demand returns,” CEO Wendell P. Weeks said in a statement. For the fourth quarter, Corning said it swung to a loss of $36 million, or 4 cents a share, from net income of $208 million, or 24 cents a share in the year-ago quarter. Adjusted earnings fell to 47 cents a share from 51 cents a share, and beat the analyst target of 44 cents a share. Fourth-quarter revenue dipped 2% to $3.41 billion, below the Wall Street forecast of $3.55 billion.