07:37 ET Corning Inc (GLW) 212: Manufacturer of optical-networking technologies preannounces earnings to the upside; company says sees Q2 net of $0.78 to $0.80 a share, or 13% to 16% above the $0.69 a share First Call mean; GLW continues to experience strong demand for its optical fiber and cable, photonic modules and components.
Corning's Second Quarter Results Expected to Exceed Estimates; Full-Year Pro Forma Earnings Per Share Growth Expected to Reach 45%
Business Wire - June 12, 2000 07:32
CORNING, N.Y.--(BUSINESS WIRE)--June 12, 2000--Corning Incorporated (NYSE:GLW), a leading manufacturer of optical-networking technologies used to support the growth of the Internet, announced today that it expects to report second-quarter pro forma earnings before special items well above the current consensus of analyst estimates of $0.69 per share, as compiled by First Call/Thomson Financial. The company continues to experience strong demand for its optical fiber and cable, photonic modules and components, and flat panel glass products, and now expects to report earnings for the second quarter ending June 30, 2000 in the range of $0.78 to $0.80 per share. This would represent growth of approximately 50% over the prior year second quarter.
Reflecting its new expectations for the second quarter, as well as its preliminary analysis of trends for the second half of the year, Corning also said it is raising its guidance for full-year pro forma earnings per share growth from 35% to 45%. The company said it would provide further guidance for the full year when it formally reports second-quarter results on July 24, 2000 after the close of the New York Stock Exchange.
"We are seeing very strong volume gains in our growth businesses, similar to quarter one," said Roger G. Ackerman, Corning's chairman and chief executive officer. "We now expect revenue growth in our Photonic Technologies Division to reach 80% for the year 2000. We are continuing to focus our efforts on capacity expansions, integrating our acquisitions, and pursuing internal and external growth opportunities."
Established in 1851, Corning Incorporated (www.corning.com) creates leading-edge technologies for the fastest-growing markets of the world's economy. Corning manufactures optical fiber, cable and photonic products for the telecommunications industry; and high-performance displays and components for television and other communications-related industries. The company also uses advanced materials to manufacture products for scientific, semiconductor and environmental markets. Corning's revenues in 1999 were $4.7 billion.
Editor's note: Pro forma earnings exclude amortization of purchased intangibles and goodwill, purchased in-process R&D, one-time acquisition costs, discontinued operations and other non-recurring items.
Forward-Looking and Cautionary Statements
Except for historical information and discussions contained herein, statements included in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause results to differ materially, as discussed in the company's filings with the Securities and Exchange Commission.
CONTACT: Corning Contacts:
Media Relations Investor Relations
Robert W. DeMallie Katherine M. Dietz
(607) 974-8778 (607) 974-8217
demallierw@corning.com dietzkm@corning.com |
