Corning Incorporated announced 18 April 2005 that it expects 1Q 2005 sales to be in the range of USD 1.04 billion to USD 1.05 billion and earnings per share (EPS) to be in the range of USD 0.16 to USD…
Corning Incorporated announced 18 April 2005 that it expects 1Q 2005 sales to be in the range of USD 1.04 billion to USD 1.05 billion and earnings per share (EPS) to be in the range of USD 0.16 to USD 0.17, before special items. Corning“s 1Q ended 31 March 2005. The EPS estimate is a non-GAAP (Generally Accepted Accounting Principles) financial measure The 1Q 2005 sales and EPS ranges exceed the company“s previously announced guidance of sales between USD 980 million to USD 1.03 billion and EPS of USD 0.11 to USD 0.13, excluding special items. This is a non-GAAP financial measure. The company said that its improved expectations on 1Q 2005 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 1Q 2005 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 1Q 2005. Corning plans to issue its 1Q 2005 results after the New York Stock Exchange close of business on 26 April 2005.