Corning reports 1997 earnings u䂐%

Corning Incorporated (Corning, NY) announced net income of $440 million for 1997, or $1.92 per share, an increase of 28% over 1996. Income for the fourth quarter of 1997, ended Dec. 31, totaled $109 million, an increase of 19% over the same period a year earlier. Sales in the fourth quarter increased by 9%, while sales for the entire year were u䂀%.

Corning reports 1997 earnings u䂐%

Corning Incorporated (Corning, NY) announced net income of $440 million for 1997, or $1.92 per share, an increase of 28% over 1996. Income for the fourth quarter of 1997, ended Dec. 31, totaled $109 million, an increase of 19% over the same period a year earlier. Sales in the fourth quarter increased by 9%, while sales for the entire year were u䂀%.

The soft fourth quarter was partly the result of financial problems in Asia, said Corning`s chairman and chief executive officer Roger G. Ackerman, who warned of more trouble ahead. "We are anticipating that the influence of Asia will become more pronounced in the first quarter. . . . Optical fiber and cable, in particular, will be impacted." He estimated that Corning`s first quarter results will be down about 30% from 1997.

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