Corning Expecting Fiber-Optics Rebound

Corning Inc., the world’s largest maker of fiber-optic cable, sees a turnaround in its business in the second half of 2002, Chief Executive John Loose said.

“We see a turnaround in six to nine months because the regional [telephone] carriers are going to be facing emerging problems, and they’re going to have to start building out fiber-optic networks,” said Loose, speaking at the UBS Warburg Global Telecom Conference.

He said Corning does not expect any further reductions in its 2002 budget for capital expenditures, projected at about $700 million, down from this year’s $1.8 billion.

Corning shares rose 29 cents to close at $7.99 on the New York Stock Exchange.

“I personally don’t believe that demand will pick up in six to nine months, I think that’s wishful thinking,” said one analyst with a large mutual fund company in Boston who asked not to be identified.