Corning Expects First-Quarter Results to Exceed Guidance.

CORNING, N.Y. -- Corning Incorporated (NYSE:GLW) today announced that it expects 2005 first-quarter sales to be in the range of $1.04 billion to $1.05 billion and earnings per share (EPS) to be in the range of $0.16 to $0.17, before special items. Corning's first quarter ended March 31, 2005. This EPS estimate is a non-GAAP financial measure. This and all non-GAAP financial measures are reconciled on the company's investor relations Web site and in an attachment to this news release.

The first-quarter sales and EPS ranges exceed the company's previously announced guidance of sales between $980 million to $1.03 billion and EPS of $0.11 to $0.13, excluding special items. This is a non-GAAP financial measure.

The company said that its improved expectations on first-quarter results are due to significantly stronger performance from Dow Corning Corporation and higher-than-expected demand for Corning's hardware and equipment products. In addition, the company expects that its first-quarter results will benefit from a lower-than-anticipated corporate tax rate. Corning also expects that the volume and pricing of optical fiber and liquid crystal display glass will be within previously stated guidance ranges for the first quarter.

Corning plans to issue its first-quarter results after the New York Stock Exchange close of business on Tuesday, April 26.

First-Quarter Conference Call Information

The company will host a first-quarter conference call at 8:30 a.m. EDT on Wednesday, April 27. To access the call, dial [phone]. The password is Results. A replay of the call will begin at approximately 10:30 a.m. EDT and will run through 5 p.m. EDT, Wednesday, May 11. To listen, dial [phone]; no pass code is required. To listen to a live audio webcast of the call, please go to Corning's Web site and follow the instructions: http://www.corning.com/investor_relations. The audio webcast will be archived for one year following the call.

Presentation of Information in this News Release

Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP. Corning's non-GAAP EPS measure excludes the impact of gains or losses arising from restructuring or impairment actions and any further adjustments to the asbestos settlement reserve required by movement in Corning's stock price. The company believes presenting a non-GAAP EPS measure is helpful to analyze financial performance without the impact of unusual items that may obscure trends in the company's underlying performance. This non-GAAP measure is reconciled on the company's website at www.corning.com/investor_relations and accompanies this news release.

About Corning Incorporated

Corning Incorporated (www.corning.com) is a diversified technology company that concentrates its efforts on high-impact growth opportunities. Corning combines its expertise in specialty glass, ceramic materials, polymers and the manipulation of the properties of light, with strong process and manufacturing capabilities to develop, engineer and commercialize significant innovative products for the telecommunications, flat panel display, environmental, semiconductor, and life sciences industries.

CORNING INCORPORATED AND SUBSIDIARY COMPANIES
         RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO GAAP
                           FINANCIAL MEASURE
                   Three Months Ended March 31, 2005
      (Unaudited; amounts in millions, except per share amounts)

Corning's earnings per share (EPS) excluding special items for the
first quarter of 2005 is a non-GAAP financial measure within the
meaning of Regulation G of the Securities and Exchange Commission.
Non-GAAP financial measures are not in accordance with, or an
alternative to, generally accepted accounting principles (GAAP). The
company believes presenting non-GAAP EPS is helpful to analyze
financial performance without the impact of unusual items that may
obscure trends in the company's underlying performance. A detailed
reconciliation is provided below outlining the differences between
this non-GAAP measure and the directly related GAAP measure.


                                                        Range
                                          ----------------------------
Guidance: EPS excluding special items       $   0.16         $   0.17

Special items:
     Restructuring, impairment and other
      (charges) and credits (a)                (0.01)           (0.01)

     Asbestos settlement (b)                    0.01             0.01
                                              -------         --------
Earnings per share                              0.16             0.17



    (a) In the first quarter of 2005, Corning recorded an impairment
    charge of $19 million for an other than temporary decline in the
    fair value of its investment in Avanex Corporation (Avanex). At
    March 31, 2005, shares of Avanex were trading at $1.30 per share
    compared to Corning's average cost basis of $2.40 per share.
    Corning does not believe it will recover its cost basis in Avanex
    shares given the significant decline in its stock price.

    (b) As part of Corning's asbestos settlement arrangement to be
    incorporated into the Pittsburgh Corning Corporation
    reorganization plan, Corning will contribute, when the
    reorganization plan becomes effective, 25 million shares of
    Corning common stock to a trust. This portion of the asbestos
    liability requires quarterly adjustment based upon movements in
    Corning's common stock price prior to contribution of the shares
    to the trust. In the first quarter of 2005, Corning recorded a
    credit of $16 million for the change in its common stock price of
    $11.13 at March 31, 2005 compared to $11.77, the common stock
    price at December 31, 2004.

This schedule contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements are based on current expectations and involve certain risks and uncertainties. Actual results may differ from those projected in the forward looking statements. Additional information concerning factors that could cause actual results to materially differ from those in the forward looking statements is contained in the Securities and Exchange Commission filings of this Company.