Corning Inc (GLW) released its first quarter results on Wednesday, April 28, 2021. The company reported net earnings of $0.67 per share for the first quarter ending March 31, 2021. Earnings for this past quarter were up 522 percent compared to the same period a year ago.
Corning Incorporated was founded in 1851 and is headquartered in Corning, New York. Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.
Corning's revenue increased 10 percent over the past trailing twelve-month period versus the previous twelve-month period. Gross margins increased to 44.83% for the first quarter compared to the same period in the previous year, and operating margins increased to 15.2% over the same period. Net earnings for past trailing twelve months were $1109.0 million, up 312% from the prior year.
Moving on to the balance sheet, Corning’s cash levels jumped 42% for the third quarter over the same period last year. Overall liquidity of the balance sheet, as measured by the current ratio, increased 5.96% this past year. The current ratio for Corning now stands at 2.31. The company increased shares outstanding by 1.19%.
Shares of GLW are currently trading around $44.36. In terms of valuation, the stock is trading at a trailing twelve-month price to earnings ratio of 34.05 and price to book ratio of 3.6.
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This article was written by Value Investing News (https://www.valueinvestingnews.com) on Thursday, April 29, 2021.