<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>q18k01.txt
<DESCRIPTION>CORNING'S FIRST QUARTER FORM 8K
<TEXT>

                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549



                                    FORM 8-K



                                 CURRENT REPORT
                       PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934



        Date of Report: (Date of earliest event reported) April 26, 2001



                              CORNING INCORPORATED
             (Exact name of registrant as specified in its charter)



New York                                 1-3247              16-0393470
(State or other jurisdiction             (Commission         (I.R.S. Employer
of incorporation)                        File Number)        Identification No.)



One Riverfront Plaza, Corning, New York                      14831
(Address of principal executive offices)                     (Zip Code)


(607) 974-9000
(Registrant's telephone number, including area code)



N/A
(Former name or former address, if changed since last report)


<PAGE>



Item 5.   Other Events.


Item 7.   Financial Statements.


Exhibits:

The Registrant's press release of April 26, 2001.




<PAGE>


                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.



                              CORNING INCORPORATED
                              Registrant



Date: April 26, 2001          By    /s/  KATHERINE A. ASBECK
                                         Katherine A. Asbeck
                                         Senior Vice President and Controller


<PAGE>








FOR RELEASE - APRIL 26, 2001


Corning Media Contact:     Corning Investor Relations Contact:
Daniel F. Collins          Katherine M. Dietz
(607) 974-4197             (607) 974-8217
collinsdf@corning.com      dietzkm@corning.com



            Corning's First Quarter Performance Exceeds Expectations
                  as Pro Forma Earnings Per Share Increased 26%

                   Company reduces 2001 guidance and announces
                         additional workforce reductions


CORNING, N.Y. - Corning Incorporated  (NYSE:GLW),  a worldwide leader in optical
communications technologies, today reported first quarter pro forma earnings per
share of $0.29,  up 26% from  $0.23 per share a year ago.  Corning  exceeded  by
$0.01 per share the  current  consensus  of  analysts'  earnings  estimates,  as
compiled  by Thomson  Financial/First  Call.  Pro forma net income for the first
quarter of 2001 totaled $277 million,  an increase of 47%, as compared with $188
million in 2000.  Additionally,  Corning  said that it is revising  its 2001 pro
forma  earnings  guidance  from $1.20 to $1.30 per share,  to $0.90 to $1.00 per
share. The company also said that it would have eliminated  approximately  4,300
permanent and temporary  positions,  including those announced today, by the end
of this month.

John W. Loose,  Corning's president and chief executive officer, said, "Early in
the first quarter we warned of a significant softening in the telecommunications
market.  We  immediately  put into place an  aggressive  action  plan to control
costs,  reduce  overhead  and  reallocate  portions  of our  fiber  volume  into
international markets that we had been previously unable to serve. These actions
clearly paid off and our strong first quarter results are evidence.

"The capital spending  outlook for network  carriers  continues to soften and is
now  impacting  all of our  telecommunications  businesses  more  significantly,
including  optical fiber. Due to this extended market weakness,  we are lowering
our full year pro forma earnings guidance.  We are also accelerating our efforts
to reduce spending and trimming our workforce to address this downturn."





                                     (more)


<PAGE>


Corning Reports Q1 Earnings
Page 2


First quarter review

First quarter sales were $1.9 billion, an increase of 42%, as compared with 2000
first quarter  sales of $1.35  billion.  Excluding  the impact of  acquisitions,
sales  increased 26%.  Optical fiber volume grew by 25% versus the first quarter
of last year driven by strong demand for Corning's  premium  products,  LEAF(R),
the company's  high-data-rate  optical fiber, and MetroCor(TM),  Corning's fiber
solution for the metropolitan  marketplace.  International  premium fiber volume
doubled versus last year.  Photonic  Technologies  first quarter sales increased
28% over last year, however sales were 32% lower than the fourth quarter of 2000
due to softness in the optical  amplifier  business.  Sales volume of flat-panel
display glass grew at a rate of 20% as the industry  adjusted  inventory levels,
however  revenues  in the  quarter  were  flat  with the  prior  year due to the
translation impact of the weak yen.

Corning's  net income for the first  quarter of 2001  totaled $132  million,  or
$0.14 per  share.  This  compares  with  first  quarter  2000 net  income of $77
million, or $0.09 per share.

Corning reviews 2001 outlook

Corning's  revised 2001 pro forma earnings  guidance of $0.90 to $1.00 per share
compares to 2000 pro forma earnings of $1.23 per share. The company also revised
its overall 2001 sales outlook down to $7.8 billion to $8.0 billion.

Commenting on the company's outlook for 2001, Loose said, "Capital  availability
constraints in the market are negatively  impacting  carriers'  ability to build
and  upgrade  networks,   contributing  to  recent  significant   reductions  in
high-data-rate fiber demand from our top customers."

The company  now  expects its 2001 fiber  volume to grow at a rate of 15% to 20%
and that premium  fiber  products,  as a  percentage  of total fiber volume will
approximate  25%. Loose said,  "We continue to emphasize  expansion of our fiber
and cable  businesses  into  international  markets.  We have been  particularly
successful  in  China  in  the  first  quarter.   Additionally,  we  are  seeing
strengthening single-mode fiber demand."

Loose added, "We now expect this year's photonic  technologies business sales to
be  approximately  flat with last year's  levels.  This is primarily a result of
significantly  lower sales of optical  amplifiers  due to the industry slow down
and reduction of inventories. However, our other photonic product lines continue
to grow as we take market share and add new customers."







                                     (more)


<PAGE>


Corning Reports Q1 Earnings
Page 3


Corning  said that the impact of the  economic  downturn  is expected to be much
less severe in its advanced  materials and information  display segments than in
its  telecommunications  segment.  It expects  volume  growth in its  flat-panel
display  business to be  approximately  40% for the year,  but the impact of the
weak yen on translated sales will hold sales increases to about 20%. The company
said it is already seeing signs of recovery in Korean and Taiwanese markets.

Corning  now  expects  second  quarter  sales to be about  $1.8  billion to $1.9
billion.  Second  quarter pro forma earnings per share are expected to be in the
range of $0.18 to $0.21,  compared to last  year's  second  quarter  earnings of
$0.31.  Photonic  technologies sales are anticipated to be the same as the first
quarter,  while fiber volume is expected to be flat year over year due to recent
order cancellations by several major U.S. customers of high-data-rate fiber.

Company Initiatives

"In response to this softer  outlook we have  instituted a 20% capital  spending
reduction,  we are  moving  aggressively  to  lower  inventory  levels  for  the
remainder of the year, and we are reducing our workforce," Loose said.

The company announced today that it is reducing an additional 1,000 positions in
its  Photonic  Technologies  business.  The  majority  of these  reductions  are
occurring at the Erwin and Rochester,  N.Y., Bedford,  Mass., and Scranton,  Pa.
facilities. This brings total reductions in Photonic Technologies to about 2,500
for the year.  When combined with other  layoffs,  primarily in its hardware and
equipment and controls and connectors businesses,  the company's total workforce
reduction  to date is about 4,300.  Corning  said it might take a  restructuring
charge in the  second  quarter  as a result of these  April  2001 and  potential
future workforce reductions.

"We will continue to take actions in response to market slowdowns, including the
possibility of further  company-wide  workforce  reductions.  I remain confident
that  Corning  is well  positioned  to ride out this  economic  downturn  and to
capitalize on the projected long-term growth of the telecommunications  market,"
Loose said.  "Our  fundamental  business  strategy of investing  in  high-growth
optical communications, advanced materials and information display businesses is
sound. At our core, we are a technology  company and we remain  committed to our
optical layer strategy and the development of new  technologies.  We continue to
be profitable and our balance sheet remains strong."









                                     (more)


<PAGE>


Corning Reports Q1 Earnings
Page 4


Conference Call Information

The company  will host a conference  call at 8:30 a.m. EST on Friday,  April 27,
2001.  To access the call,  dial  1-888-398-1687  (Domestic)  or  1-712-257-0401
(International).  The passcode is  EARNINGS.  A replay of the call will begin at
approximately  10:30 a.m. and will run through 5:00 p.m. EST on Friday,  May 11,
2001. To access the replay, dial 1-800-468-0312 or 1-402-220-2266; a password is
not  required.   To  listen  to  a  live  audio  webcast  of  the  call,  go  to
http://www.corning.com/investor_relations/ and follow the instructions.

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 2000 were $7.1 billion.

                                       ###

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.

Pro Forma Statement

Pro  forma  net  income  excludes  amortization  of  purchased  intangibles  and
goodwill,  purchased  in-process research and development,  one-time acquisition
costs, discontinued operations and other non-recurring items.



<PAGE>


Corning Incorporated and Subsidiary Companies
Pro Forma Consolidated  Statements of  Income
Excluding   Amortization  of  Purchased  Intangibles  and  Goodwill,   Purchased
In-Process Research and Development, Acquisition-Related Costs and Non-Recurring
Items
(Unaudited, in millions, except per share amounts)
<TABLE>
<CAPTION>

                                                                             For the three months ended
                                                                                      March 31,
                                                                            ----------------------------
                                                                                2001             2000
                                                                            ----------        ----------

<S>                                                                          <C>               <C>
Net sales                                                                    $   1,921         $   1,351
Cost of sales                                                                    1,112               788
                                                                             ---------         ---------

Gross margin                                                                       809               563

Operating Expenses
    Selling, general and administrative expenses                                   261               200
    Research, development and engineering expenses                                 162               110
                                                                             ---------         ---------

Operating income                                                                   386               253

Interest income                                                                     24                16
Interest expense                                                                   (34)              (24)
Other income (expense), net                                                         (9)              (13)
                                                                             ---------         ---------

Income before taxes                                                                367               232
Taxes on income                                                                    119                75
                                                                             ---------         ---------

Income before minority interest and equity earnings                                248               157
Minority interest in earnings of subsidiaries                                       (5)               (3)
Equity in earnings of associated companies                                          34                34
                                                                             ---------         ---------

Pro Forma Net Income                                                         $     277         $     188
                                                                             =========         =========

Pro Forma Basic Earnings Per Share                                           $    0.30         $    0.23
                                                                             =========         =========
Pro Forma Diluted Earnings Per Share                                         $    0.29         $    0.23
                                                                             =========         =========
Dividends Declared                                                           $    0.06         $    0.06
                                                                             =========         =========

Shares used in computing pro forma per share amounts:
     Pro forma basic earnings per share                                            923               811
                                                                             =========         =========
     Pro forma diluted earnings per share                                          943               840
                                                                             =========         =========

</TABLE>

The above pro forma  amounts  for the  quarter  ended  March 31,  2001 have been
adjusted to eliminate $156 million ($145 million after tax) of  amortization  of
purchased intangibles and goodwill.

The above pro forma  amounts  for the  quarter  ended  March 31,  2000 have been
adjusted to eliminate  $13 million ($10 million  after tax) of  amortization  of
purchased  intangibles  and  goodwill,  $42 million ($26  million  after tax) of
in-process research and development charges, $47 million ($43 million after tax)
of  transaction  costs from the Oak  acquisition,  $36 million after tax for the
impairment of the entire equity  investment in Pittsburgh  Corning  Corporation,
and $7 million ($4 million  after tax) for a  nonoperating  gain  related to the
sale of Quanterra Incorporated.




                                    Pro Forma



<PAGE>


Corning Incorporated and Subsidiary Companies
Condensed Consolidated Statements of Income
(Unaudited, in millions, except per share amounts)

<TABLE>
<CAPTION>

                                                                             For the three months ended
                                                                                      March 31,
                                                                            ----------------------------
                                                                                2001             2000
                                                                            ----------        ----------

<S>                                                                          <C>               <C>
Net sales                                                                    $   1,921         $   1,351
Cost of sales                                                                    1,112               788
                                                                             ---------         ---------

Gross margin                                                                       809               563

Operating Expenses
    Selling, general and administrative expenses                                   261               200
    Research, development and engineering expenses                                 162               110
    Amortization of purchased intangibles, including goodwill                      156                13
    Acquisition-related charges                                                                       89
                                                                             ---------         ---------

Operating income                                                                   230               151

Interest income                                                                     24                16
Interest expense                                                                   (34)              (24)
Other income (expense), net                                                         (9)              (13)
Nonoperating gains                                                                                     7
                                                                             ---------         ---------

Income before taxes                                                                211               137
Taxes on income                                                                    108                55
                                                                             ---------         ---------

Income before minority interest and equity earnings                                103                82
Minority interest in earnings of subsidiaries                                       (5)               (3)
Equity in earnings of associated companies                                          34                34
Impairment of equity investment                                                                      (36)
                                                                             ---------         ---------

Net Income                                                                   $     132         $      77
                                                                             =========         =========

Basic Earnings Per Share                                                     $    0.14         $    0.09
                                                                             =========         =========
Diluted Earnings Per Share                                                   $    0.14         $    0.09
                                                                             =========         =========
Dividends Declared                                                           $    0.06         $    0.06
                                                                             =========         =========

Shares used in computing per share amounts:
     Basic earnings per share                                                      923               811
                                                                             =========         =========
     Diluted earnings per share                                                    937               832
                                                                             =========         =========

The accompanying notes are an integral part of these statements.
</TABLE>


<PAGE>


Corning Incorporated and Subsidiary Companies
Condensed Consolidated Balance Sheets
(Unaudited, in millions)
<TABLE>
<CAPTION>

                                                                           March 31, 2001          December 31, 2000
                                                                           --------------          -----------------

                   Assets
<S>                                                                        <C>                       <C>
Current Assets
     Cash and short-term investments                                       $     1,149               $     1,794
     Accounts receivable, net                                                    1,351                     1,489
     Inventories                                                                 1,215                     1,040
     Deferred taxes on income and
         other current assets                                                      359                       311
                                                                           -----------               -----------
              Total current assets                                               4,074                     4,634

Investments                                                                        606                       635

Plant and equipment, net                                                         4,939                     4,679

Goodwill and other intangible assets, net                                        7,286                     7,340

Other assets                                                                       268                       238
                                                                           -----------               -----------

Total Assets                                                               $    17,173               $    17,526
                                                                           ===========               ===========

             Liabilities and Shareholders' Equity

Current Liabilities
     Loans payable                                                         $       197               $       128
     Accounts payable                                                              614                       855
     Other accrued liabilities                                                     827                       966
                                                                           -----------               -----------
              Total current liabilities                                          1,638                     1,949

Long-term debt                                                                   3,838                     3,966
Other liabilities                                                                  798                       830
Minority interest in subsidiary companies                                          140                       139
Mandatorily redeemable convertible preferred stock                                   8                         9
Common shareholders' equity                                                     10,751                    10,633
                                                                           -----------               -----------

Total Liabilities and Shareholders' Equity                                 $    17,173               $    17,526
                                                                           ===========               ===========
</TABLE>

The accompanying notes are an integral part of these statements.


<PAGE>


Corning Incorporated and Subsidiary Companies
Notes to Consolidated Financial Statements
Quarter 1, 2001


(1)  Information by Operating Segment
     Information about the performance of Corning's three operating segments for
     the first  quarter  of 2001 and 2000 are  presented  below.  These  amounts
     exclude   revenues,   expenses  and  equity   earnings   not   specifically
     identifiable  to  segments.  Segment net income  excludes  amortization  of
     purchased  intangibles  and  goodwill,  purchased  in-process  research and
     development costs, one-time acquisition costs and other nonrecurring items.
     This  measure  is not in  accordance  with  generally  accepted  accounting
     principles  (GAAP) and may not be  consistent  with  measures used by other
     companies.

     Corning prepared the financial results for its three operating  segments on
     a basis  that is  consistent  with the manner in which  Corning  management
     internally disaggregates financial information to assist in making internal
     operating  decisions.  Corning has  allocated  some common  expenses  among
     segments  differently  than it would for stand alone financial  information
     prepared in  accordance  with GAAP.  Corning has realigned one product line
     from the Advanced  Materials segment into the  Telecommunications  segment.
     Segment  results  for 2000 have been  restated  to conform  to the  current
     presentation.
<TABLE>
<CAPTION>

                                                                                    Three months ended
                                                                                         March 31,
                                                                                  2001             2000
                                                                                --------         ---------
         <S>                                                                    <C>              <C>
         Telecommunications
         Net sales                                                              $  1,433         $     905
         Research, development and engineering expenses                         $    124         $      78
         Interest expense                                                       $     25         $      15
         Segment earnings before minority interest and equity earnings          $    186         $     112
             Minority interest in losses of subsidiaries                                                 3
             Equity in earnings of associated companies                                3
                                                                                --------         ---------
         Segment net income                                                     $    189         $     115
                                                                                ========         =========

         Advanced Materials
         Net sales                                                              $    282         $     252
         Research, development and engineering expenses                         $     28         $      26
         Interest expense                                                       $      5         $       6
         Segment earnings before minority interest and equity earnings          $     26         $      17
             Minority interest in earnings of subsidiaries
             Equity in earnings of associated companies                                6                 6
                                                                                --------         ---------
         Segment net income                                                     $     32         $      23
                                                                                ========         =========

         Information Display
         Net sales                                                              $    201         $     188
         Research, development and engineering expenses                         $     10         $       6
         Interest expense                                                       $      4         $       3
         Segment earnings before minority interest and equity earnings          $     21         $      20
             Minority interest in earnings of subsidiaries                            (5)               (6)
             Equity in earnings of associated companies                               25                27
                                                                                --------         ---------
         Segment net income                                                     $     41         $      41
                                                                                ========         =========

         Total segments
         Net sales                                                              $  1,916         $   1,345
         Research, development and engineering expenses                         $    162         $     110
         Interest expense                                                       $     34         $      24
         Segment earnings before minority interest and equity earnings          $    233         $     149
             Minority interest in earnings of subsidiaries                            (5)               (3)
             Equity in earnings of associated companies                               34                33
                                                                                --------         ---------
         Segment net income                                                     $    262         $     179
                                                                                ========         =========
</TABLE>


<PAGE>



A reconciliation of the totals reported for the operating segments to the
applicable line items in the consolidated financial statements is as follows:
<TABLE>
<CAPTION>

                                                                                    Three months ended
                                                                                         March 31,
                                                                                  2001             2000
                                                                                --------         ---------

    <S>                                                                         <C>              <C>
    Net sales
         Total segment net sales                                                $  1,916         $   1,345
         Non-segment net sales (a)                                                     5                 6
                                                                                --------         ---------

           Total net sales                                                      $  1,921         $   1,351
                                                                                ========         =========


    Net income
         Total segment income (b)                                               $    262         $     179
             Unallocated items:
         Non-segment loss and other (a)                                               (1)               (2)
         Nonoperating gain                                                                               7
         Amortization of purchased intangibles and goodwill (c)                     (156)              (13)
         Acquisition-related charges                                                                   (89)
         Interest income (d)                                                          24                15
         Income tax (e)                                                                3                15
         Equity in earnings of associated companies (a)                                                  1
         Impairment of equity investment                                                               (36)
                                                                                --------         ---------

           Net income                                                           $    132         $      77
                                                                                ========         =========
</TABLE>

     (a)  Includes amounts derived from corporate investments.
     (b)  Includes royalty, interest and dividend income.
     (c)  Amortization of purchased  intangibles and goodwill relates  primarily
          to the Telecommunications segment.
     (d)  Corporate interest income is not allocated to reportable segments.
     (e)  Includes tax associated with unallocated items.

(2)  Recent Acquisitions
     On March 19, 2001, Corning completed the acquisition of Tropel Corporation,
     a  manufacturer  of  precision  optics and  metrology  instruments  for the
     semiconductor and other  industries,  for approximately $66 million in cash
     and 1.95 million  shares of Corning  common  stock.  Based upon the average
     closing price of Corning common stock for a range of days  surrounding  the
     announcement and adjusted for a discount  commensurate with restrictions on
     the shares issued,  the recorded purchase price  approximated $160 million.
     The excess of the purchase  price over the estimated fair value of tangible
     assets   acquired  was  allocated   primarily  to  goodwill.   Goodwill  of
     approximately $155 million is being amortized on a straight-line basis over
     15 years.

(3)  Depreciation and Amortization
     Depreciation and amortization  charged to operations for the first quarters
     of 2001 and 2000 totaled $312 million and $126 million, respectively.

(4)  Taxes on Income
     Corning's  effective income tax rate for the first quarter ending March 31,
     2001 was 51.1%,  an increase over the 2000 rate of 40.1%.  The increase was
     primarily  due  to  the  large  amounts  of  non-tax  deductible  purchased
     intangibles  and  goodwill.  Excluding  the impact of the  amortization  of
     purchased  intangibles  and  goodwill,  purchased  in-process  research and
     development costs, one-time acquisition costs and other nonrecurring items,
     the  effective  income tax rate was  approximately  32.5% for the  quarters
     ended March 31, 2001 and 2000.


</TEXT>
</DOCUMENT>
