Corning Third-Quarter Results Expected to Surpass Estimates; Company Also Raises Full-Year Guidance.

Business Editors

CORNING, N.Y.--(BUSINESS WIRE)--Oct. 11, 2000

Corning Incorporated (NYSE:GLW), a leading manufacturer of optical-networking technologies used to support the growth of the Internet, announced today that it expects to report third-quarter pro forma earnings that are well above the current First Call/Thompson Financial analyst estimates of $0.30 per share. The company expects to report third-quarter pro forma earnings in the range of $0.34 to $0.35 per share. This would represent growth of more than 75% over the prior year's third-quarter pro forma earnings of $0.19 per share.

Corning also expects its fourth-quarter performance to be strong, given the results of the first three quarters of the year, and is raising its full-year guidance to $1.15 to $1.17 per share. Corning anticipates full-year pro forma earnings growth of at least 70%, an increase from previous guidance of 60%.

The company said it continued to experience strong demand for its optical fiber and cable, photonic modules and components, and flat panel display glass products during the third quarter. Corning expects to release complete third-quarter results on Monday, October 23, 2000, prior to the opening of the New York Stock Exchange.

"We continue to experience very strong demand for fiber and cable, and revenues from photonics technologies continue to run at a rate double that of last year," said Roger G. Ackerman, chairman and chief executive officer. "We are seeing no slowdown in demand for our products that are fueling the dynamic growth of the optical-networking revolution."

The company will host a conference call to discuss this third quarter pre-announcement from 8:30 a.m. to 9:00 a.m. EDT on Thursday, October 12, 2000. To access the conference call, dial 888-385-9734 or 312-470-0184, and use password: Update. A replay of the call will begin approximately 30 minutes after the call is completed and will run through 5:00 p.m. EDT on Tuesday, October 17, 2000. To access the replay, dial 800-756-0129 or 402-998-0753; a password will not be required.

Established in 1851, Corning Incorporated (www.corning.com) creates leading-edge technologies for the fastest-growing markets of the world's economy. Corning manufactures optical fiber, cable and photonic products for the telecommunications industry; and high-performance displays and components for television and other communications-related industries. The company also uses advanced materials to manufacture products for scientific, semiconductor and environmental markets. Corning's revenues in 1999 were $4.7 billion.

Editor's note: Pro forma earnings exclude amortization of purchased intangibles and goodwill, purchased in-process R&D, one-time acquisition costs, discontinued operations and other non-recurring items.

Forward-Looking and Cautionary Statements

Except for historical information and discussions contained herein, statements included in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause results to differ materially, as discussed in the company's filings with the Securities and Exchange Commission.