CORNING | Corning Inc. posted strong second quarter results Wednesday, led by continued buildouts of fiber infrastructure and growth in Gorilla Glass sales.
Plus, a new pharmaceutical packaging product announced last week could boost the company’s Life Sciences business by billions of dollars over the next several years, Controller Ed Schlesinger said during a meeting with reporters.
Despite the positive report from the company, investors saw a time to sell, with Corning stock (GLW) dropping to $30.43 at Wednesday’s close, down 5.3 percent from Tuesday’s close at $32.13. During the day, the price flirted with but never dipped below the $30 mark.
Schlesinger said it’s hard to interpret an immediate market response to an earnings report, and that despite the stock hit, the company is happy with their financial position and outlook.
“My perspective is always the long-term view versus the immediate view, because then people have a chance to absorb it,” he said. “We’re up significantly over the last year (or so).”
“We had a really strong second quarter,” Schlesinger added. “We actually exceeded our own expectations.”
One of the things generating buzz for the company was last week’s announcement of a deal with pharmaceutical giants Pfizer and Merck to produce a new type of glass vial for injectable drugs.
The announcement of the new Valor Glass made a splash with a White House visit and the CEOs of all three companies standing with President Donald Trump to talk about the product.
A video released by the White House shows Trump attempting…
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