Corning Incorporated Soars On Upbeat Earnings (GLW, WLP, NOC)
Corning Incorporated (NYSE:GLW) shares are shining in early trade as the company posted stronger than estimated first quarter earnings this morning. The company reported net income of 30 cents a share on revenue of $1.92 billion, topping analysts estimates of a profit of 28 cents a share on revenue of $1.87 billion. Volume at the company’s Samsung Corning joint venture was ahead of expectations, declining less than 10% both sequentially and year-over-year. Telecom sales were up 4% sequentially and 7% year-over year. The company’s specialty materials segment was the notable performer with revenue growing 21% sequentially and 13% year-over-year. Environmental sales were up 12% sequentially and 2% year over year.
WellPoint, Inc. (NYSE:WLP) shares rose 1.87% to $72.11 after the company boosted its full year outlook following a better-than-estimated first-quarter earnings. The company posted net income of $856.5 million, or $2.53 per share, down from a year ago profit of $926.6 million, or $2.44 per share. On an adjusted basis, the company would have earned $2.34 a share. Revenue during the latest quarter grew 3.50% year-over-year to $15.4 billion. Analysts were estimating the company to report a profit of $2.27 a share. Membership fell 1.5% to about 33.7 million.
For FY2012, the company projects to earn $7.65 per share, 5 cents above from its previous forecast of $7.60 a share. Analysts estimate the company to report $7.74.
Northrop Grumman Corporation (NYSE:NOC) shares rose 2.28% to $64.16 as the company reported profit of $506 million, or $1.96 per share, down from a year ago profit of $530 million, or $1.79 per share. On an adjusted basis, the company would have earned $1.88 a share, ahead of analysts’ estimates by 29 cents. Revenue came at $6.2 billion from $6.73 billion, while analysts expected $6.26 billion in revenue.
Aerospace sales fell 8.1 percent to $2.38 billion on lower demand from military aircraft and space programs, while sales of information systems dropped 8.9 percent to $1.84 billion, as the U.S. military reduced its troop presence overseas.
For the full year, the company now projects to earn $6.70 and $6.95 per share, up from its previous prediction of $6.40 to $6.70 per share. The company also said it still expects to post sales of between $24.7 billion and $25.4 billion for the year.