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Corning Reports Sales Increase

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CORNING, N.Y., April 23 -- Corning Inc. announced yesterday that its first-quarter results exceeded quarterly guidance and sales increased sequentially for the first time in two years.

The company reported sales were $746 million and that it recorded a net loss of $205 million, or $0.17 per share. This net loss includes $201 million, or $0.17 per share, of charges primarily related to the previously announced asbestos litigation settlement and restructuring and impairment charges, Corning said.

James R. Houghton, chairman and CEO, said, "Our results reflect stronger than expected demand for fiber and cable in Japan and the continued strength of our technologies businesses, particularly the display technologies and environmental technologies businesses."

Houghton said Corning continues to focus on its goal of returning to profitability by the third quarter of this year. "We are seeing significant improvement in our gross margin and lower operating costs due to our restructuring efforts over the past year," he said.

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Apr 2003
Corningdisplay technologiesJames R. HoughtonNews & Features

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