Corning (NYSE: GLW) reported earnings on Oct. 24. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended Sep. 30 (Q3), Corning met expectations on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue shrank slightly and GAAP earnings per share shrank significantly.

Margins contracted across the board.

Revenue details
Corning booked revenue of $2.04 billion. The 17 analysts polled by S&P Capital IQ expected to see a top line of $2.02 billion on the same basis. GAAP reported sales were 1.8% lower than the prior-year quarter's $2.08 billion.

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

EPS details
EPS came in at $0.34. The 20 earnings estimates compiled by S&P Capital IQ averaged $0.32 per share. GAAP EPS of $0.35 for Q3 were 31% lower than the prior-year quarter's $0.51 per share.

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

Margin details
For the quarter, gross margin was 43.1%, 400 basis points worse than the prior-year quarter. Operating margin was 19.4%, 910 basis points worse than the prior-year quarter. Net margin was 25.6%, 1,350 basis points worse than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $2.19 billion. On the bottom line, the average EPS estimate is $0.33.

Next year's average estimate for revenue is $8.08 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 5,312 rating the stock outperform, and 120 members rating it underperform. Among 926 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 906 give Corning a green thumbs-up, and 20 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 $14.68.

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