29 July 1999: US-based glass and optical fibre maker Corning Inc. said earnings for the year could be about 20% above last year“s results if the company continues its current performance for the rema…
29 July 1999: US-based glass and optical fibre maker Corning Inc. said earnings for the year could be about 20% above last year“s results if the company continues its current performance for the remainder of 1999. Corning said it made US$ 121.8 million, or 49 cents per diluted share, in the second quarter and beat Wall Street“s estimates of 46 cents per share. The company attributed the strong growth to impressive sales of its fibre – which allows more channels of information to be sent over long distances – its liquid display glass in flat computer monitors, catalytic converters and optical amplifiers. The earnings compare with US$ 92.7 million, or US$ 0.39 per diluted share, before special gains from the recapitalization and sale of controlling interest of its consumer housewares. Including the one-time gains, second-quarter 1998 net income would have been US$ 123.8 million, or US$ 0.53 per share. “If the very positive trends we saw in the first half of 1999 continue, we could see full-year earnings grow by as much as 20%, compared to last year, ” Roger Ackerman, the company“s chief executive, said in a statement.