A few key paragraphs from the WSJ article:
June 13, 2000
Corning Sees Strong Demand Boosting Profit by About 50%
By ROBERT GUY MATTHEWS
Staff Reporter of THE WALL STREET JOURNAL
Corning Inc., buoyed by a fiber-optic networking boom, said second-quarter operating earnings will beat Wall Street estimates by 15% and full-year earnings growth will be stronger than expected.
The Corning, N.Y., manufacturer is logging record demand for its fiber-optic cables, glass products and networking components, and analysts predict that the growth will continue for the foreseeable future.
"The future certainly looks good," said Charlie Wilhoit, an analyst at J.P. Morgan Securities Inc. "At some point there will be a slowdown in the fiber-optic business, but now we are in the very early stages of the current optical-fiber cycle."
. . .
Corning also raised its projections for full-year pro forma earnings per-share growth to 45% from 35%. Pro forma earnings exclude one-time acquisition costs, discontinued operations and other non-recurring costs.
. . .
Analysts said the company is sold out of fiber for the next five quarters. Corning is investing $650 million to double the capacity of a fiber factory near Concord, N.C., and expand its main plant in Wilmington, N.C. In April, the company said it plans to spend $45 million to double manufacturing capacity at its plant in Bedford, Mass.
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