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Corning’s quarterly profit soars

Corning Inc.’s third-quarter profits more than doubled amid surging demand for optical fiber and components used in communications networks.
The fiber-optic maker, which is establishing a facility here in Henrietta, expects earnings to grow some 25 percent next year.
Corning’s third-quarter pro forma earnings rose to $317 million from $148 million a year ago. Per share earnings rose 84 percent to 35 cents a share from 19 cents a share. Revenues rose 54 percent to $1.9 billion.
“As the quarter’s performance clearly shows, we continue to benefit from delivering powerful optical technologies that provide the capacity to double the Internet traffic every six months,” said Roger Ackerman, Corning’s chairman and CEO.
The firm based in Corning, Steuben County, 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 percent, led by optical amplifier demand. The new facility here will focus on those technologies.
Due to this booming demand, Corning (NYSE: GLW) recently raised its growth outlook for 2000. It expects full-year pro forma earnings per share of $1.15 to $1.17, an increase of some 70 percent over the last year’s mark of 68 cents a share.

Corning’s quarterly profit soars

Corning Inc.’s third-quarter profits more than doubled amid surging demand for optical fiber and components used in communications networks. The fiber-optic maker, which is establishing a facility here in Henrietta, expects earnings to grow some 25 percent next year.

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