Corning 2000 revs more than $7 billion - NY Times
Sunday, January 07, 2001 12:12 PM ET
business.com
NEW YORK, Jan 7 (Reuters) - U.S. communications equipment maker Corning Inc (GLW, news).'s 2000 revenues topped $7 billion and earnings rose 70 percent over the previous year, The New York Times reported on Sunday.
The newspaper quoted Chief Executive John W. Loose as saying that telecommunications-related products, including optical fiber, make up 75 percent of revenues. Corning is the world's biggest maker of fiber cable, the backbone of telecommunications and the Internet.
Sales of photonics equipment -- the devices that shoot signals down fiber-optic pipelines -- were more than $1 billion, more than double the 1999 level, Loose said.
He said 2000 revenues were more than $7 billion, up from $4.7 billion in 1999. Earnings rose 70 percent from the $525 million posted last year.
Analysts on average expect revenues of $7.16 billion in 2000, according to research firm First Call/Thomson Financial. They also forecast 2000 profits per share of $1.17.
"We caught one hell of a wave in telecommunications," Loose said. "I think we can keep growing the top and bottom lines by 20 to 30 percent a year."
Other Corning products include displays and parts for television and other communications-related industries. The Corning, N.Y., company also makes products for scientific, computer chip and environmental markets.
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