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Corning Loss Narrows; 2,200 Jobs to Be Cut

IN BRIEF/ EARNINGS

October 31, 2002|From Bloomberg News

Corning Inc., the world's biggest maker of optical fiber for carrying telephone calls and data, reported a sixth straight quarterly loss and plans to cut 2,200 more jobs after sales tumbled 45%.

The third-quarter net loss narrowed to $133 million, or 25 cents a share, from $220 million, or 24 cents, in the year-earlier period, Corning said. Sales slid to $837 million from $1.51 billion. Per-share results reflect payment of preferred stock dividends.

Corning forecast a fourth-quarter loss, excluding job-cut costs and some other expenses, of 8 cents to 12 cents a share on sales of $775 million to $825 million. The average estimate of analysts polled by Thomson First Call is for a loss of 6 cents on sales of $845.9 million.

Shares of the Corning, N.Y.-based company rose 14 cents to $2.02 on the NYSE.

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