Shares of Corning Inc.
GLW,
+0.43%
have been off greater than 5% in premarket buying and selling Tuesday after the producer of glass merchandise delivered a lower-than-expected outlook for the present interval because it waits to forecast a big restoration in demand for glass. The corporate recorded third-quarter internet revenue of $208 million, or 24 cents a share, down from $371 million, or 43 cents a share, within the year-before interval. Corning’s “core” earnings per share, an adjusted metric, got here in at 51 cents, down from 56 cents a yr earlier however consistent with the FactSet consensus. Gross sales fell barely to $3.49 billion from $3.62 billion. FactSet would not present consensus estimates for Corning’s gross sales on the idea of typically accepted accounting rules (GAAP). “As we instructed traders in early September, panel makers diminished their manufacturing ranges under our already low expectations,” Chief Monetary Officer Ed Schlesinger stated in a launch. For the fourth quarter, Corning expects “core” gross sales, or adjusted gross sales, of $3.45 billion to $3.65 billion, together with “core” or adjusted EPS of 41 cents to 47 cents. The FactSet consensus was for $3.75 billion and 55 cents, respectively. “Though we imagine that panel maker utilization reached the underside in September, we wish to see extra proof earlier than we information a big restoration in glass demand,” Schlesinger stated. “When glass demand does improve, we anticipate our quantity to return and firm profitability to enhance.” Corning shares have misplaced 13% to date this yr because the S&P 500
SPX,
+1.19%
has declined 20%.