We recently published 10 Easy Double-Digit Gainers. Corning Incorporated (NYSE:GLW) was one of the best performers last week.
Corning grew its share prices by 18.3 percent week-on-week to hit a new all-time high, as investors cheered its stellar earnings performance and new billion-dollar partnership with Meta Platforms Inc.
On Friday alone, the stock jumped to an all-time high of $122.56 before trimming a few cents to finish the session just up by 8.31 percent at $122.16 apiece.
Photo from Meta
Corning Incorporated (NYSE:GLW) announced earlier in the week that it more-than-tripled its net income to $1.596 billion from only $506 million in 2024, while net sales grew by 19 percent to $15.6 billion from $13.1 billion year-on-year.
In the fourth quarter alone, net income increased by 26 percent to $540 million from $310 million, while net sales inched up by 3 percent to $4.2 billion from $3.5 billion.
Encouraged by the results, Corning Incorporated (NYSE:GLW) raised its net sales growth outlook through 2028 to now be at $11 billion in incremental annualized sales, versus its previous guidance of $8 billion.
For this year alone, incremental annualized sales are targeted at $6.5 billion, up from its $6 billion outlook earlier.
The targets form part of what the company dubs as “Springboard plan”—a strategic multi-year initiative to drive growth between 2023 and 2028.
In other news, the company clinched a $6 billion partnership with Facebook operator Meta for the supply of fiber optic cables for its data centers.
The partnership is expected to generate 15 to 20 percent of new jobs under Corning Incorporated (NYSE:GLW).
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Disclosure: None. This article is originally published at Insider Monkey.
