Corning Expects 50% Growth 2Q

CORNING, NY -- Corning Incorporated, a leading manufacturer of optical-networking technologies used to support the growth of the Internet, announced today that it expects to report second-quarter pro forma earnings before special items well above the current consensus of analyst estimates of $0.69 per share, as compiled by First Call/Thomson Financial. The company continues to experience strong demand for its optical fiber and cable, photonic modules and components, and flat panel glass products, and now expects to report earnings for the second quarter ending June 30, 2000 in the range of $0.78 to $0.80 per share. This would represent growth of approximately 50% over the prior year second quarter.

Reflecting its new expectations for the second quarter, as well as its preliminary analysis of trends for the second half of the year, Corning also said it is raising its guidance for full-year pro forma earnings per share growth from 35% to 45%. The company said it would provide further guidance for the full year when it formally reports second-quarter results on July 24, 2000 after the close of the New York Stock Exchange.

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