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Sales and Earnings Surge at Corning, But Where'd All the Cash Go?

·4-min read
Sales and Earnings Surge at Corning, But Where'd All the Cash Go?
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Shares of fiber optics and "Gorilla glass" manufacturer Corning Incorporated (NYSE: GLW) surged after the company released Q1 earnings this week, rising as much as 5% over their pre-earnings share price -- and for good reason. Corning's sales jumped 15% year-over-year in Q1, with core earnings (a non-GAAP metric) rising even faster -- up 20%. Actual earnings calculated according to generally accepted accounting principles (GAAP) were both better and worse, though -- better because it turns out Corning actually earned $0.68 per share according to GAAP, and worse because this was only a 1% improvement over last year's Q1.

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