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Corning beats Street
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October 23, 2000: 3:17 p.m. ET
Optical networker's third-quarter earnings up; revenue climbs 54 percent
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NEW YORK (CNNfn) - Corning Inc. reported third-quarter earnings Monday of 35 cents a share, a penny above Wall Street forecasts.
The results from the maker of fiber-optic network gear also topped its profit of 19 cents a share a year earlier.
However, Corning's stock plummeted $4.56 to $101.37 in late trading Monday mainly because of profit-taking by investors who have seen shares soar from $88-to-$105 in three days, analysts said.
 Earnings excluding one-time items rose to $317 million from $148 million a year earlier.
Including charges and one-time acquisition costs, Corning's (GLW: Research, Estimates) net income for the period totaled $254 million, or 28 cents a share, up from $142 million, or 18 cents a share, a year ago.
Revenue rose 54 percent to $1.9 billion from about $1.25 billion.
"As the quarter's performance clearly shows, we continue to benefit from delivering powerful optical technologies that provide the capacity to double Internet traffic every six months," Chairman and CEO Roger G. Ackerman said.
 Corning repeated guidance for future earnings, first announced Oct. 12, with an outlook for full-year 2000 EPS to be in the range of $1.15 to $1.17, an increase of approximately 70 percent over last year's 67 cents per share.
For 2001, earnings are expected to range between $1.40 and $1.43 per share. Analysts had forecasted 2000 EPS of $1.17, and $1.38 for 2001.
Merrill Lynch Analyst Steve Fox said he likes the company because of its strong position in the marketplace.
"They have a leading position in the fiber and photonics business," Fox said. "They have a 50 percent market share in fiber optics and in photonics, they're No. 2 to JDS Uniphase (JDSU: Research, Estimates). And they have leading market share in the amplifier business." 
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Corning
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