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News > Companies
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Corning to take charge
graphic January 14, 2002: 5:26 p.m. ET

Corning expects 4Q loss to be wider than anticipated after charge.
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  • Corning beats Street - Oct. 18, 2001
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  • Corning
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    NEW YORK (CNN/Money) - Corning Inc. said Monday it expects to report a wider fourth-quarter loss than it previously predicted after taking a pre-tax operating charge.

    Corning (GLW: Research, Estimates),  the world's largest maker of fiber-optic cable, said it will take a pre-tax charge of about $178 million, or 12 cents per share, related to release of restrictions on employee-held stock, an inventory write-off and an investment write-off.

    As a result, the company said it expects to lose 28 or 29 cents per share before certain items, compared to its previous guidance of a loss of 20 to 25 cents per share.

    Corning restated its plan to take a $600 million, or 38 cents per share, restructuring charge which is not included in its loss projections.

    The company plans to report its fourth-quarter earnings on Jan. 23.

    Shares of Corning fell 27 cents to $9.81 on the New York Stock Exchange. graphic

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    Corning beats Street - Oct. 18, 2001
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