Tech glass company Corning Incorporated (NYSE:GLW) announced better-than-expected second-quarter earnings, shattering analyst estimates and lifting its yearly outlook.
The Gorilla Glass maker reported earnings of US$0.38 per share on revenue of US$2.75bn compared with US$0.39 EPS on revenue of US$2.49bn in the previous year’s second quarter.
The New York-based company beat Wall Street estimates of US$0.37 EPS on revenue of $2.68bn.
"As planned, we undertook a phase of intense operating and capital investment to meet committed demand and capture new opportunities. We have now reached an inflection point in which these investments are yielding clear benefits," said CEO Wendell Weeks in a press release.
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For the year ahead, the company upped its sales guidance to US$11.3bn compared with its previous estimate of US$11bn, citing strong market demand and its capacity expansion.
Corning provides smartphone screens for companies including Apple Inc (NASDAQ:AAPL) and Samsung Group.
Gorilla Glass 6 is expected to be introduced to smartphones in the coming months, designed to withstand more drops.
Shares were up more than 3% to US$30.80 in Wednesday pre-market trading.