Corning (NYSE: GLW) is expected to report Q3 earnings on Oct. 24. Here's what Wall Street wants to see:

The 10-second takeaway
 Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Corning's revenues will wane -2.7% and EPS will compress -33.3%.

The average estimate for revenue is $2.02 billion. On the bottom line, the average EPS estimate is $0.32.

Revenue details
 Last quarter, Corning notched revenue of $1.91 billion. GAAP reported sales were 4.8% lower than the prior-year quarter's $2.01 billion.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
 Last quarter, non-GAAP EPS came in at $0.31. GAAP EPS of $0.30 for Q2 were 36% lower than the prior-year quarter's $0.47 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Recent performance
 For the preceding quarter, gross margin was 41.8%, 250 basis points worse than the prior-year quarter. Operating margin was 16.5%, 490 basis points worse than the prior-year quarter. Net margin was 24.2%, 1,350 basis points worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $7.86 billion. The average EPS estimate is $1.28.

Investor sentiment
 The stock has a five-star rating (out of five) at Motley Fool CAPS, with 5,192 members out of 5,311 rating the stock outperform, and 119 members rating it underperform. Among 926 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 907 give Corning a green thumbs-up, and 19 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Corning is outperform, with an average price target of $15.64.

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