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To: yard_man who wrote (130104)	10/18/2001 4:13:44 PM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 436258

Corning guides lower for Q4: biz.yahoo.com Outlook Corning said that fourth-quarter earnings would be negatively impacted by the previously announced idling of its optical fiber manufacturing operations, that will begin next week and will continue through the remainder of the year. The company expects fourth-quarter sales in the range of $1 billion and a fourth-quarter pro forma loss in the range of $0.20 to $0.25 per share. Corning also said it expects its fourth-quarter fiber volume to be less than half of last year's comparable period. Premium fiber will represent about 10% of the company's total fiber volume. Corning expects to experience pricing pressure in its fiber and cable businesses in the fourth quarter. Corning expects the cost savings resulting from the third-quarter charge and the anticipated fourth-quarter actions to be approximately $400 million pre-tax on an annualized basis. Approximately 50% of these savings will improve Corning's gross margin and the remainder will reduce Corning's operating expense. The company anticipates capital spending for 2001 to be $1.7 billion to $1.8 billion and it has reduced its 2002 capital spending plan to be in the range of $700 million. The 2002 plan anticipates that all expansion projects in the telecommunications segment are on hold indefinitely and that expansion of the liquid crystal display glass business has slowed to keep pace with market growth. The 2002 plan includes spending for the previously announced diesel substrate plant and cost reduction capital projects across the company. Estimates for Q4 revs were 1.1 to 1.4 billion and for EPS -.01 to -.13.