Corning to Beat Q1 Guidance

CORNING, N.Y. -- Corning Incorporated (NYSE:GLW - News) today announced that it expects 2005 first-quarter sales to be in the range of $1.04 billion to $1.05 billion and earnings per share (EPS) to be in the range of $0.16 to $0.17, before special items. Corning's first quarter ended March 31, 2005. This EPS estimate is a non-GAAP financial measure. This and all non-GAAP financial measures are reconciled on the company's investor relations Web site and in an attachment to this news release.

The first-quarter sales and EPS ranges exceed the company's previously announced guidance of sales between $980 million to $1.03 billion and EPS of $0.11 to $0.13, excluding special items. This is a non-GAAP financial measure.

The company said that its improved expectations on first-quarter results are due to significantly stronger performance from Dow Corning Corporation and higher-than-expected demand for Corning's hardware and equipment products. In addition, the company expects that its first-quarter results will benefit from a lower-than-anticipated corporate tax rate. Corning also expects that the volume and pricing of optical fiber and liquid crystal display glass will be within previously stated guidance ranges for the first quarter.

Corning plans to issue its first-quarter results after the New York Stock Exchange close of business on Tuesday, April 26.

Corning Inc.