Earnings reports

Corning Reduces Guidance

CORNING, N.Y. -- Corning Incorporated (NYSE:GLW), a worldwide leader in optical communications technologies, today said it has reduced its outlook for 2001 pro forma earnings from previously stated guidance of $1.40 to $1.43 per share 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 the company’s guidance for the full year is based primarily on lower expectations for the telecommunications segment amid the current economic slowdown. Corning said it has not changed its first quarter pro forma earnings guidance of $0.28 to $0.31 per share, which compares to $0.23 per share for the first quarter of last year.

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

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