Corning Inc., a leading producer of fibre-optic cable, posted higher third-quarter earnings that matched Wall Street expectations and forecast earnings growth of 20% for the year.
“Performance in the…
Corning Inc., a leading producer of fibre-optic cable, posted higher third-quarter earnings that matched Wall Street expectations and forecast earnings growth of 20% for the year. “Performance in the first three quarters of 1999 has been very strong,” chairman and chief executive Roger Ackerman said in a statement. “The positive momentum we have seen gives us confidence that we will achieve earnings growth of 20% for the full year.” Corning posted net income of US$ 133.3 million, or 54 cents per share, in the third quarter, compared with US$ 104.4 million, or 44 cents per share, in the same year-ago period. Analysts had expected the company to earn US$ 0.54 per share in the quarter ended 30 September, according to First Call/Thomson Financial. Sales rose 25% to more than US$ 1.1 billion compared with US$ 906.5 million. Without the impact of acquisitions, Corning said sales increased 1%. Corning said sales of optical amplifiers used in communication networks drove sales up nearly 50% in its photonic technologies business. The company added demand for optical fibre and liquid crystal display glass, which are used in computer monitors and integrated circuits, also spurred growth.