Corning (GLW) Stock Rises on Solar Tariff News and Strong Q2 Earnings
TLDR
- GLW stock has gained 81% year-to-date and opened at $157.45 on Friday
- The U.S. government is considering tariffs on polysilicon imports, boosting Corning’s Hemlock Semiconductor joint venture
- Q2 revenue rose 17% year-over-year to $4.74 billion, beating estimates
- EPS came in at $0.78, beating the $0.76 consensus for the eighth consecutive quarter
- Analysts hold a “Moderate Buy” consensus with a mean price target of $185.14
Corning (GLW) got a double dose of good news this week. The stock rallied after Reuters reported the U.S. government is considering tariffs on polysilicon and related products used in solar panels and chips. GLW opened at $157.45 on Friday.
The tariff talk matters for Corning because of Hemlock Semiconductor (HSC), a joint venture Corning controls with an approximately 80% stake. The remaining stake belongs to Japan’s Shin-Etsu Handotai.
HSC operates a polysilicon factory in Michigan and is one of a small number of producers capable of hitting the purity levels needed for leading-edge semiconductors. In 2024, the U.S. Department of Commerce announced plans to award up to $325 million under the CHIPS Act to expand HSC’s output.
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