Monday, February 10, 2003
Corning Inc. expects to return to profitability by the third quarter of this year, the company told investors today at its annual investor conference in New York City.
Corning also provided financial guidance for the first quarter of 2003, anticipating revenues in the range of $700 to $730 million, and a net loss in the range of 1 to 4 cents per share, excluding gains on debt repurchases and restructuring charges.
Restructuring actions begun last year will be substantially complete in the first quarter and Corning expects to see a year-to-year bottom-line benefit in the range of $300 to $330 million in its telecommunications segment, the investors were told.
While there is some evidence that optical fiber and cable markets are stabilizing, Corning said it anticipates flat year-to-year volume and positive cash flow, before restructuring costs, from these businesses.
Corning also told investors that the company continues to narrow its photonics product line while it explores alternatives for the business, including partnerships, further product reductions or exiting the photonics market entirely. The company expects to reach a decision on the future of its photonics business by mid-year.
By: DocMemory
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