Corning (GLW) reported 4Q earnings on Tue 26 Jan 2016 (b/o)

** charts before earnings **

 

** charts after earnings **

 

** 3 days later **

Corning beats by $0.03, beats on revs; updates Q1, FY16 guidance; sees mid-to-high single-digit % QoQ LCD glass volume decline in Q1  :

• Reports Q4 (Dec) earnings of $0.34 per share, excluding non-recurring items,$0.03 better than the Capital IQ Consensus of $0.31; revenues fell 4.0% year/year to $2.4 bln vs the $2.33 bln Capital IQ Consensus. 
• "We expect the first quarter to be the weakest of 2016, and we anticipate growth will recover in subsequent quarters. We are encouraged with the moderation of LCD glass price declines, and we expect this trend will continue into 2016. We are sustaining market leadership in all of our businesses."
• Corning provided the following expectations for its business segments in Q1:
  • Display Technologies: In the first quarter, Corning anticipates that panel maker utilization will continue to decline, which will reduce inventory levels in the supply chain. As a result, the overall glass market and Corning's LCD glass volume are expected to decline by a mid-to-high single- digit percentage sequentially. Corning's LCD glass price decline is expected to be moderate, achieving what will be one of the lowest first-quarter declines in five years.
• For the full year, Corning expects moderate sequential price declines to continue, and its glass volume to grow by a mid-single-digit percentage year over year, in line with total glass demand growth. Corning expects global television unit sales will grow by a low single-digit percentage, and the average screen size will increase by at least 1.5 inches. The company expects panel maker utilization to increase as the year progresses, and retail LCD glass area demand to be up by a high single-digit percentage in 2016.