Corning lifts optical communications sales 44% as core sales grow 19%
Key Facts
Corning reported a 19% year-on-year increase in core sales in the third quarter of 2026 to $5.08 billion, while core earnings per share came to $0.91, growing nearly twice as fast as sales, according to the company statement published by Business Wire. Sales exceeded the guidance range the company gave in July, of $4.9 billion to $5 billion in core sales, while earnings per share also topped the expected range of $0.85 to $0.89. Management had then forecast year-on-year growth of about 16% in core sales and 28% in core earnings per share. The company said core sales growth was the strongest since it launched its Springboard plan. The results show an acceleration from the second quarter, when core sales rose 17% to $4.74 billion and core earnings per share climbed 30% to $0.78.
Optical communications led Corning's growth, with sales in the segment rising 44% year on year to $2.38 billion in the third quarter. The company said the segment "continued to drive strong growth," citing its quarterly sales. That followed a 32% increase in segment sales to $2.07 billion in the second quarter. Growth in that quarter included a 65% rise in enterprise network sales. The comparison shows optical communications continued to expand in the third quarter, with year-on-year growth above the segment's rate in the previous quarter.
The results fall within Corning's Springboard plan, announced with its second-quarter results, which targets an annualized sales rate of $20 billion by the end of 2026. The plan raises the target to $30 billion by the end of 2028, then $40 billion by the end of 2030. These targets were part of the company's announced trajectory before the third-quarter results and were not a new update announced alongside them. Ahead of the results, analysts' average expectations were $5.02 billion in revenue and $0.88 in earnings per share, according to a Reuters report published by Investing.com. Those forecasts implied revenue growth of 18% and earnings-per-share growth of 31% year on year. After the results were announced, Corning was scheduled to hold its third-quarter call on October 27 at 8:30 a.m. Eastern time.
Corning shares hit a record $255.69 in late June, after nearly tripling between January and late that month, before falling about 51% to the level cited in a Reuters report ahead of the results. The stock closed at $127.74 on October 26, according to L7 data, a close that preceded the results announcement. Before the release, investors were watching whether management would raise its Springboard targets, including the $30 billion revenue goal for 2028. Attention was also focused on whether operating margins would reach 20% or more, according to the same report. These figures provide context for the share price trajectory and investor expectations before the announcement. The October 26 close was not a reaction to the third-quarter results.
In the travel sector, Travelzoo reported cash flow from operations of $1.8 million in the third quarter of 2026, alongside a 65% year-on-year increase in club membership, according to its results statement published by PR Newswire. Membership growth indicates an expansion in the club's base during the period, while cash flow records the cash generated by operations. The information available here does not include the company's third-quarter revenue or operating losses, so the comparison is limited to the two metrics cited in its announcement. Travelzoo shares closed at $5.12 on October 26, according to L7 data. That price predates the third-quarter results announcement and does not reflect the market's response to it.
As for BioVentus, the company said it will release its third-quarter fiscal 2026 results after the market closes on Monday, November 2. The company said management will hold a call to discuss the results at 4:30 p.m. Eastern time that day. The upcoming announcement follows the announced dates for Corning and Travelzoo, while the information available here does not include new BioVentus results. The company's shares closed at $14.72 on October 26, according to L7 data. That close was recorded before the scheduled results announcement and therefore provides a time reference ahead of the event.