To: Rande Is who wrote (29845 ) 7/17/2000 10:47:40 AM From: Steven Finkel Respond to of 57584 FBCE getting attention due to Corning Q2 earnings rise 80% Corning Q2 earnings rise 80% By William L. Watts, CBS.MarketWatch.com Last Update: 9:34 AM ET Jul 17, 2000 NewsWatch Latest headlines CORNING, N.Y. (CBS.MW) -- Corning Inc. said second-quarter profit rose 80 percent, exceeding analysts' expectations, on strong demand for high-data rate optical fiber and cable and LCD flat-panel display glass. Corning (GLW: news, msgs) said earnings totaled $271.1 million, or 94 cents a share, up from $136.5 million, or 52 cents a share, earned in the same period last year. The results are pro forma to exclude amortization of purchased intangibles and goodwill, purchased in-process research and development, one-time acquisition costs, discontinued operations and other non-recurring items. Today on CBS MarketWatch U.S. stocks dip; dollar gains Georgia Pacific to buy Fort James for $11 billion Microsoft Net services dominate the Web Net domain names to increase 700 Net execs gather for summit More top stories... CBS MarketWatch Columns Updated: 7/17/2000 9:43:16 AM ET According to a survey of analysts by First Call, Corning had been expected to earn 80 cents a share in the latest quarter. The company has become a leading supplier of optical layer products used in communications networks. More good things to come Shares of Corning climbed 10 to 277 in pre-market trading on Instinet. The shares had risen 8 on Friday. "Clearly, this is a blockbuster quarter for Corning," said CEO Roger G. Ackerman. The company's top line advanced 57 percent to $1.78 billion, with sales of optical fiber growing by 40 percent from the 1999 quarter and photonic products nearly doubling from year-ago levels. Corning also said it is raising its full-year pro forma earnings per share outlook to a range of $3.15 to $3.25, an increase of around 60 percent from last year's $2. Analysts had pegged full-year earnings at around $2.92.