{"id":22790,"date":"2023-04-25T12:22:57","date_gmt":"2023-04-25T12:22:57","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/apple-supplier-corning-rides\/"},"modified":"2023-04-25T12:23:40","modified_gmt":"2023-04-25T12:23:40","slug":"apple-supplier-corning-rides","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/apple-supplier-corning-rides\/","title":{"rendered":"Apple supplier Corning rides on price hikes to beat profit estimates"},"content":{"rendered":"<p>(Reuters) &#8211;     Specialty glass maker Corning Inc beat profit estimates for the first quarter on Tuesday as price hikes more than made up for higher raw material costs and a demand slowdown.<\/p>\n<p>Shares of the company, whose Gorilla glass is used in smartphones of companies including Apple Inc and Samsung Electronics, rose 2% in premarket trading.<\/p>\n<p>Price increases meant that &#8220;profitability improved despite sequentially lower sales, which were impacted by recession-level demand in several key markets and overall weakness in China, as anticipated,&#8221; CEO and Chairman Wendell Weeks said.<\/p>\n<p>Core gross margin increased by 160 basis points sequentially to 35.2% in the first three months of the year, helping Corning post an adjusted profit of 41 cents per share that was more than expectations of 39 cents, according to Refinitiv data.<\/p>\n<p>The company said it expects the pricing action and a recovery in the display technologies business to drive an increase in second-quarter sales and profitability.<\/p>\n<p>Corning has seen demand slide from its consumer electronics customers in recent months as an uncertain economic outlook prompts consumers to cut back on non-essential spending.<\/p>\n<p>IT research firm Gartner estimates that shipments of personal computers and mobile phones will fall for the second straight year in 2023, with phone shipments slumping to a decade low.<\/p>\n<p>Corning&#8217;s core sales fell 10% to $3.37 billion in the first quarter, but they were better than estimates of $3.34 billion.<\/p>\n<p>Revenue from its optical communications division fell 6% during the quarter, while sales in specialty materials business, which makes Gorilla glass, declined 18%.<\/p>\n<p>Corning said it expects net sales between $3.4 billion and $3.6 billion for the second quarter, compared with analysts&#8217; estimate of $3.58 billion.<\/p>\n<p \/>\n<p> (Reporting by Tiyashi Datta in Bengaluru; Editing by Krishna Chandra Eluri and Shounak Dasgupta)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/apple-supplier-corning-rides\/file-photo-man-walks-by-advertisement-for-corning-gorilla-glass\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3O0GY-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3O0GY-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters) &#8211; Specialty glass maker Corning Inc beat profit estimates for the first quarter on Tuesday as price hikes more than made up for higher raw material costs and a demand slowdown. Shares of the company, whose Gorilla glass is used in smartphones of companies including Apple Inc and Samsung Electronics, rose 2% in premarket [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":22791,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[],"class_list":["post-22790","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3O0GY-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/22790","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=22790"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/22790\/revisions"}],"predecessor-version":[{"id":22792,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/22790\/revisions\/22792"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/22791"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=22790"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=22790"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=22790"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}