Will Modest Revenue Growth Improve Corning's (GLW) Q2 Earnings?

Core Insights - Corning Incorporated (GLW) is expected to report its second-quarter 2024 results on July 30, with a trailing four-quarter earnings surprise of 0.22% on average and a 5.56% surprise in the last quarter [1] - The company is likely to experience year-over-year revenue growth due to strong demand across various sectors, including mobile consumer electronics, generative AI applications, and automotive [1] - Corning's focus on enhancing profitability and cash flow, along with opportunities in emerging markets for automotive glass solutions and pharmaceutical packaging, is seen as a positive factor [1] Factors at Play - Corning has expanded its cover glass portfolio with the introduction of Corning Gorilla Glass 7i, which offers improved drop protection and scratch resistance, targeting the mid-range smartphone market [2] - The deployment of Corning's Ascent Fixed Bed Bioreactor systems by the National Institute for Bioprocessing Research and Training in Ireland is expected to positively impact upcoming results [2] Revenue Estimates - The optical communication segment is estimated to generate $950.8 million in revenue, reflecting a 10.8$930.3 million in revenue, showing marginal growth from the previous year's $928 million [3] - The Specialty Materials segment is expected to reach$478.1 million, indicating a strong 13% year-over-year growth, while Environmental Technologies revenues are projected at $460.1 million [3] Consensus Estimates - The Zacks Consensus Estimate for Corning's revenues in the June quarter is$3.49 billion, showing modest growth from $3.48 billion in the same quarter last year [4] - The consensus estimate for adjusted earnings per share is 46 cents, an increase from 45 cents in the year-ago quarter [4] Earnings Predictions - Corning is predicted to likely beat earnings expectations, supported by a positive Earnings ESP of +1.59% and a Zacks Rank of 1 (Strong Buy) [5]