Shares of Corning fell Wednesday even after the glass maker posted better-than-expected quarterly adjusted earnings and sales. The stock’s double-digit surge the day before may have set investor expectations too high.
The company posted adjusted earnings of 72 cents a share for the fourth quarter, surpassing analysts’ estimates of 71 cents, according to FactSet. Core sales totaled $4.41 billion, up 14% from the previous year and above Wall Street’s call for $4.36 billion.
Corning shares fell 3.4% to $106 in premarket trading.
The stock had climbed 16% on Tuesday after Corning announced a $6 billion deal to supply cabling, optical fiber, and other supplies for Meta Platforms’ data centers. After that surge, shares now sit just off their all-time high of $113.10, set at the height of the dot-com era in 2000.
Looking ahead, the company expects growth to accelerate in the first quarter, with core sales rising 15% from last year to between $4.2 billion and $4.3 billion. Adjusted per-share earnings are expected between 66 cents and 70 cents. Both forecasts are in line with Wall Street’s estimates.