Corning, maker of Gorilla Glass, announced its third consecutive quarter of strong growth in earnings per share amid declining LCD glass prices.
Corning’s core sales were $2 billion for the second quarter of 2013, an increase of 11% over the same period of 2012. Core posted 32 cents in earnings per share, representing a 23% increase compared to the second quarter of 2012, and the third consecutive quarter of year-over-year double-digit growth. GAAP earnings per share were 43 cents, a 39% increase compared with 31 cents per share a year ago. Sales and net income in Corning’s Telecommunications segment improved significantly on both a year-over-year and sequential basis.
Wendell Weeks, Corning chairman, CEO and president, felt the second quarter performance validated the company’s strategy. “For the past 18 months, we have effectively managed our cost structure, brought stability to our LCD glass business, returned to earnings growth, and advanced our new-product portfolio,” he said.
Sonus Network’s second quarter results showed several changes: an expected loss narrowed, expectations for the entire year rose, and the departure of the CFO was announced as well as a $100 million stock buyback. “Sonus delivered a strong quarter in which we exceeded most of the guidance we gave back in April and also raised our revenue and EPS outlook for the full year,” said CEO Ray Dolan.
The Westford, Mass.-based Internet hardware and software company’s revenue for the second quarter were $69.2 million, up from $57.6 million during the same quarter last year. The GAAP net loss was $4.9 million, or 2 cents per share, compared to a net loss of $11.7 million, or 4 cents per share, in the same period of the previous year. Non-GAAP net income for the second quarter of 2013 was $3.2 million, or 1 cent per diluted share, compared to a non-GAAP net loss of $8.6 million, or 3 cents per share, in the second quarter of 2012.
The results led the company to revise its profit estimate for the full year. Sonus now expects non-GAAP earnings per diluted share of between 1 cent and 2 cents, on revenue between $274 million and $278 million.
The company also announced stock buyback program of up to $100 million and that CFO, Maurice Castonguay, will be leaving his position. His replacement has yet to be announced.
Synchronoss Technologies’ second quarter report had both positive and negative sides. The Bridgewater, N.J.-based activation and cloud services provider reported net revenues of $83.8 million on a GAAP basis, an increase of 25% compared to the same period of the previous year. Gross profits were $48.3 million, and income from operations was $5.7 million. However, net income applicable to common stock was $3.4 million, leading to diluted earnings per share of 9 cents, compared to the 31 cents per share for the same period of 2012.
Founder and CEO Stephen Waldis said the total revenue exceeded expectations and expressed confidence in the company’s continued growth.
“Our second quarter was highlighted by many successful deployments in our Personal Cloud Services offerings, and very encouraging initial subscriber adoption rates and customer forecasts for storage growth,” Waldis said. “Synchronoss is well positioned to participate in this growth opportunity based on our highly differentiated cloud services platform, proven track record and tier-one customer base.”
