On Oct. 24, Corning (NYSE:GLW), maker of light-bending products for the telecommunications and flat-panel display industry, released Q3 earnings for the period ended Sept. 30, 2006.
- Management said demand for glass products improved as customers geared up for strong fourth-quarter sales of LCD televisions, notebook computers, and desktop monitors.
- Cash and short-term investments increased to $2.8 billion because of the issuance of $250 million of long-term debt.
- For the fourth quarter, management estimates sales in the range of $1.28 billion to $1.33 billion, and EPS in the range of $0.26 to $0.29, before special items.
(Figures in millions, except per-share data)
Income Statement Highlights
|
Avg. Est. |
Q3 2006 |
Q3 2005 |
Change | |
|---|---|---|---|---|
|
Sales |
$1,296 |
$1,282 |
$1,188 |
7.9% |
|
Net Profit |
-- |
$438 |
$203 |
115.8% |
|
EPS |
$0.25 |
$0.27 |
$0.13 |
107.7% |
|
Diluted Shares |
-- |
1593 |
1552 |
(3.8%) |
Get back to basics with a look at the income statement.
Margin Checkup
|
Q3 2006 |
Q3 2005 |
Change* | |
|---|---|---|---|
|
Gross Margin |
44.15% |
45.88% |
(1.73) |
|
Operating Margin |
15.91% |
12.21% |
3.70 |
|
Net Margin |
34.17% |
17.09% |
17.08 |
Margins are the earnings engine. See how they work.
Balance Sheet Highlights
|
Assets |
Q3 2006 |
Q3 2005 |
Change |
|---|---|---|---|
|
Cash + ST Invest. |
$2,812 |
$2,418 |
16.3% |
|
Accounts Rec. |
$753 |
$631 |
19.3% |
|
Inventory |
$673 |
$559 |
20.4% |
|
Liabilities |
Q3 2006 |
Q3 2005 |
Change |
|---|---|---|---|
|
Accounts Payable |
$574 |
$554 |
3.6% |
|
Long-Term Debt |
$1,710 |
$1,804 |
(5.2%) |
Learn the ways of the balance sheet.
Cash Flow Highlights
|
YTD 2006 |
YTD 2005 |
Change | |
|---|---|---|---|
|
Cash From Ops. |
$1,175 |
$1,280 |
(8.2%) |
|
Capital Expenditures |
$892 |
$1,076 |
(17.1%) |
|
Free Cash Flow |
$283 |
$204 |
38.7% |
Find out why Fools always follow the money.
Related Companies:
- DirectTV Group (NYSE:DTV)
- Motorola (NYSE:MOT)
- Alcatel (NYSE:ALA)
- Qualcomm (NASDAQ:QCOM)
Related Foolishness:
Check out our suite of newsletters with a 30-day free trial.
Fool by Numbers is designed to give you the raw earnings information in a timely fashion, putting all the numbers you need in one easy-to-read place. But at The Motley Fool, we believe numbers tell only part of the story, so check Fool.com for more of our in-depth discussion of what the numbers mean. This data has been provided by Netscribes. To provide feedback on this article, please click on the "feedback" button below.