CORNING, N.Y., Jan. 11 -- Corning Inc. said today it expects 2004 fourth-quarter sales to be approximately $1 billion and earnings per share (EPS), before special items, to be between $0.11 and $0.12, which are within the company's previously announced guidance ranges.
Corning originally issued fourth-quarter guidance for sales of $950 million to $1 billion and EPS of $0.10 to $0.12, excluding special items, during its quarterly conference call on Oct. 21. Corning's earnings per share estimate is a non-GAAP financial measure as it excludes potential gains and charges. The non-GAAP financial measure is reconciled on the company's investor relations Web site and accompanies this news release.
Speaking before financial analysts and investors at the Needham Growth Conference in New York City, James B. Flaws, vice chairman and CFO, told investors, "We continue to be pleased with the strength in our telecommunications segment due primarily to sales to Verizon for its fiber-to-the-premises buildout." He said the company's fourth-quarter fiber volume was about even with the previous quarter. Its most recent quarterly forecast called for a seasonally driven fiber volume decline of between 5 percent and 10 percent.
Flaws said Corning's fourth-quarter sequential volume growth for liquid crystal display (LCD) glass was 2 percent and within the guidance range of flat to 3 percent issued on Dec. 2, 2004. Full-year volume growth of LCD glass was approximately 65 percent over the previous year.
Corning said it expects to release its fourth-quarter financial results after the New York Stock Exchange market close on Jan. 25.
For more information, visit: www.corning.com/investor_relations