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Corning Inc. Message Board

  • oliviah26 oliviah26 Dec 26, 2001 2:40 PM Flag


    Longs you do know that GLW expects HUGE 4qtr LOSS, right? Like to the tune of 20-25 cents a share.

    Here is some info from GLWs 3qtr CC in October. Read and prepare for a real bad 4qtr ernings release:

    "As we announced two weeks ago, deteriorating global economic conditions have affected all of our businesses," said CEO John Loose in the report.

    Corning also said fourth-quarter earnings would be hurt by idled manufacturing operations that will begin next week and continue through the remainder of the year. It now expects fourth-quarter sales in the range of $1 billion and a pro forma loss between 20 cents and 25 cents per share.

    Early this month, warned about its financial results, said it will cut 4,000 more jobs, take a $1 billion charge, and will mostly stop making optical fiber until next year.

    At the time, the company cited "the deterioration of global economic conditions, especially over the past few weeks [and] another drop in demand for optical fiber and cable as telecommunications carriers continue to curtail capital spending around the world."

    The company also said it did not expect any significant market recovery until late 2002 or 2003.

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    • ...consensus estimate is for .22 loss in q4.
      That's been the number for about three months.
      WAKE UP!

    • Olivia,

      You're right, BUT the market has factored that
      in. If there is good news in January, the stock
      heads higher. If the news is as expected, it
      trades sideways.

      The news has got to be horrendous to make an
      impact IMHO.

      I am long this stock. I do believe that is will
      take a few years to recover into the 20's/30's.

      There is no doubt that fiber optics are a big part of the future. Very good long term buy. Isn't that what we are all looking for?


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