Corning (NYSE: GLW) reported earnings on July 30. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended June 30 (Q2), Corning met expectations on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue expanded. Non-GAAP earnings per share grew. GAAP earnings per share expanded significantly.

Margins expanded across the board.

Revenue details
Corning booked revenue of $1.98 billion. The 12 analysts polled by S&P Capital IQ hoped for revenue of $1.98 billion on the same basis. GAAP reported sales were the same as the prior-year quarter's.

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 $0.32. The 15 earnings estimates compiled by S&P Capital IQ anticipated $0.31 per share. Non-GAAP EPS of $0.32 for Q2 were 3.2% higher than the prior-year quarter's $0.31 per share. GAAP EPS of $0.43 for Q2 were 43% higher than the prior-year quarter's $0.30 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 44.6%, 280 basis points better than the prior-year quarter. Operating margin was 21.7%, 520 basis points better than the prior-year quarter. Net margin was 32.2%, 800 basis points better than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
Next quarter's average estimate for revenue is $2.10 billion. On the bottom line, the average EPS estimate is $0.34.

Next year's average estimate for revenue is $8.07 billion. The average EPS estimate is $1.31.

Investor sentiment
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 5,281 members out of 5,408 rating the stock outperform, and 127 members rating it underperform. Among 996 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 974 give Corning a green thumbs-up, and 22 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 $15.65.

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