Corning's Quarterly Profits More Than Double
October 30, 2000
Corning Inc. recently announced that its third quarter profits more than doubled amid surging demand for optical fiber and components used in communications networks, and that it expects earnings to grow about 25% next year. Corning's third quarter pro forma earnings rose to $317 million, or 35 cents a share, compared with $148.1 million, or 19 cents a share, a year ago. Earlier this month Corning said it expected earnings in the range of 34-35 cents a share. Revenues rose 54% to $1.9 billion, compared with $1.25 billion a year ago. Excluding the impact of acquisitions, sales increased 37%. The company said its solid third quarter performance was driven by strong demand for high-data-rate optical fiber and cable, optical amplifiers and flat-panel display glass. Sales of photonic technologies grew 113%, led by optical amplifier demand.