Corning Says Sales to Fall `Significantly' This Year (Update1)
By Justin Baer
quote.bloomberg.com
Corning, New York, March 4 (Bloomberg) -- Corning Inc., the biggest maker of glass fiber used in telecommunications networks, said sales will fall ``significantly'' this year from 2001 as spending by telephone companies declines further.
In a filing with the U.S. Securities and Exchange Commission, Corning also said it will report losses ``in the short term.'' Prices for some products have fallen, and the declines may lessen the effects of cost cuts, the filing said.
Chief Executive Officer John Loose last month said he was ``increasingly confident'' that sales, which have fallen for four straight quarters, will reach a low point this period. Corning, which cut 12,000 jobs and closed factories last year, had revenue of $6.27 billion and a loss of $5.15 billion in 2001.
On Feb. 8, the Corning, New York-based company predicted a first-quarter loss of 15 cents to 18 cents a share and sales of $925 million to $950 million. Corning had income of $132 million, or 14 cents, and sales of $1.92 billion in the year-ago period.
Spokesman Dan Collins said the company won't give specific forecasts beyond the first quarter. |
