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Corning Inc GLW

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Morningstar’s Analysis

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Economic Moat




Corning Makes the Best of a Challenging Environment in the Second Quarter; Maintaining $27 FVE

Mark Cash Equity Analyst

Analyst Note

| Mark Cash |

Corning increased its core sales 2% sequentially, generated solid free cash flow, and improved its bottom line in the second quarter. While year-over-year comparisons are less favorable, we believe that Corning is on the cusp of showcasing positive traction amid challenging spending environments across its business sectors. Corning expects to grow sales and profits sequentially but decided to not provide guidance. We expect demand to slowly ramp back up through the back half of the year, followed up by a strong 2021, and for recent restructuring efforts to start providing margin expansion. In turn, we are maintaining our $27 fair value estimate for this narrow-moat name.

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Company Profile

Business Description

Corning is a leading supplier of advanced glass substrates used in LCDs, optical fiber, ceramic substrates, and a variety of other materials science products. Corning operates in five segments: display technologies, optical communications, environmental technologies, specialty materials, and life sciences. Although headquartered in New York, the company’s operations and geographic reach span the globe, with most of Corning’s revenue generated in Asia-Pacific.

One Riverfront Plaza
Corning, NY, 14831
T +1 607 974-9000
Sector Technology
Industry Electronic Components
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2019
Stock Type High Yield
Employees 49,500