Reduces its outlook for 2001 pro forma earnings from previous guidance of $1.40 to $1.43 per share to $1.20 to $1.30 per share

March 20, 2001

1 Min Read

CORNING, N.Y. -- CorningIncorporated (NYSE:GLW), a worldwide leader in optical communications technologies, today said it hasreduced its outlook for 2001 pro forma earnings from previously stated guidance of $1.40 to $1.43 pershare to $1.20 to $1.30 per share. This compares to 2000 pro forma earnings of $1.23 per share.

Corning now expects 2001 revenues in the range of$8.2 billion to $8.5 billion, up 15% to 20% over 2000 revenues of $7.1 billion. This revision of thecompany’s guidance for the full year is based primarily on lower expectations for the telecommunicationssegment amid the current economic slowdown. Corning said it has not changed its first quarter pro formaearnings guidance of $0.28 to $0.31 per share, which compares to $0.23 per share for the first quarterof last year.

"Our new outlook is based on recent customerfeedback which indicates that a meaningful recovery of spending by our telecommunications customers willoccur much more slowly than we had previously anticipated," John W. Loose, Corning’s presidentand chief executive officer, said.

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