UNITED STATES
                       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) October 24, 2006



                              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)


Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

[ ]  Written  communications  pursuant to Rule 425 under the  Securities Act (17
     CFR 230.425)

[ ]  Soliciting  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
     240.14a-12)

[ ]  Pre-commencement   communications  pursuant  to  Rule  14d-2(b)  under  the
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement   communications  pursuant  to  Rule  13e-4(c)  under  the
     Exchange Act (17 CFR 240.13e-4(c))






Item 2.02.  Results of Operations and Financial Condition

The Corning  Incorporated  press release  dated  October 24, 2006  regarding its
financial  results for the third quarter ended September 30, 2006 and its fourth
quarter 2006 earnings guidance is attached hereto as Exhibit 99.

The information in this report,  being  furnished  pursuant to Item 2.02 of Form
8-K,  shall  not be deemed to be  "filed"  for  purposes  of  Section  18 of the
Securities  and  Exchange  Act of 1934,  as amended  (the  "Exchange  Act"),  or
otherwise subject to the liabilities of that Section, and is not incorporated by
reference in any filing under the  Securities  Act of 1933,  as amended,  or the
Exchange  Act,  except as  expressly  set forth by  specific  reference  in such
filing.

Item 9.01.  Financial Statements and Exhibits

(d)   Exhibit

      99   Press Release dated October 24, 2006, issued by Corning Incorporated.







                                   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: October 24, 2006                By    /s/  KATHERINE A. ASBECK
                                                 -------------------------------
                                                 Katherine A. Asbeck
                                                 Senior Vice President - Finance






                                                                      Exhibit 99
                                                                      ----------




FOR RELEASE -- October 24, 2006

Media Relations Contact:                       Investor Relations Contact:
Daniel F. Collins                              Kenneth C. Sofio
(607) 974-4197                                 (607) 974-7705
collinsdf@corning.com                          sofiokc@corning.com


                     Corning Announces Third-Quarter Results

                                LCD volume strong

CORNING, N.Y. -- Corning Incorporated (NYSE: GLW) today announced  third-quarter
sales of $1.28 billion and net income of $438 million, or $0.27 per share.

Corning's  third-quarter  results include a charge of $13 million,  or $0.01 per
share, primarily reflecting the increase in market value of Corning common stock
to be  contributed  to settle the  asbestos  litigation  related  to  Pittsburgh
Corning Corporation.  Excluding this charge,  Corning's third-quarter net income
would have been $451 million,  or $0.28 per share.  These are non-GAAP financial
measures.  These and all  non-GAAP  financial  measures  are  reconciled  on the
company's investor relations Web site and in attachments to this news release.

"This was an excellent  quarter for  Corning,"  Wendell P. Weeks,  president and
chief executive officer,  said. "At the beginning of the third quarter,  we were
uncertain  about  the pace of the  recovery  from  the  excess  panel  inventory
correction in the liquid  crystal  display  (LCD) supply chain.  We were pleased
that glass demand  improved each month  throughout  the quarter as our customers
geared up to meet the  anticipated  fourth-quarter  demand for LCD  televisions,
notebook computers and desktop monitors," he said.

Third-Quarter Operating Results
Corning's   third-quarter   sales  of  $1.28  billion  increased  slightly  over
second-quarter  sales  of  $1.26  billion  and by 8  percent  over  last  year's
third-quarter  sales  of $1.19  billion.  Gross  margin  for the  third  quarter
remained strong at 44 percent.

Equity   earnings  for  the  third   quarter  were  $232  million   compared  to
second-quarter equity earnings of $256 million, which included a $33 million tax
gain at Dow Corning  Corporation.  Dow Corning's  third-quarter  equity earnings
were $78 million.




                                     (more)





Corning Announces Third-Quarter Results
Page Two


Third-quarter  sales  for  Corning's  Display  Technologies  segment  were  $506
million,  a 3 percent  increase over 2005  third-quarter  sales of $489 million.
Year-over-year  LCD glass  volume  increased  31 percent  in the third  quarter,
largely  offset by price  declines  and the  impact of foreign  exchange  rates.
Sequentially, third-quarter sales increased 10 percent from second-quarter sales
of $461 million as volume  increases of 16 percent were offset somewhat by price
declines and the impact of foreign exchange rates.

Samsung Corning Precision Glass Co., Ltd.'s (SCP) third-quarter volume increased
38 percent year-over-year and 11 percent sequentially.  Equity earnings from SCP
were $135 million,  up 18 percent over last year and up about 2 percent compared
with the second quarter.

Total LCD glass volume,  including both Corning's wholly owned business and SCP,
increased 35 percent year-over-year and 13 percent sequentially.

Telecommunications  segment  sales for the  third  quarter  were  $456  million,
declining 3 percent from the previous quarter but in line with expectations. The
decline  was  primarily  due to lower  volume  of  fiber-to-the-premises  (FTTP)
products and price declines.

The  company's  Environmental  Technologies  segment  had sales of $153  million
compared to  second-quarter  sales of $152 million,  reflecting  relatively flat
sales  of both  automotive  and  diesel  products.  In  early  October,  Corning
announced its first long-term diesel emissions-control products supply agreement
with Cummins  Emissions  Solutions,  a business  unit of Cummins  Inc.  Sales in
Corning's Life Sciences segment declined sequentially  primarily due to a softer
market in North America and Europe.

Cash Flow/Liquidity Update
Corning  ended  the  third  quarter  with $2.8  billion  in cash and  short-term
investments, an increase from $2.5 billion in the previous quarter. The increase
in cash and  short-term  investments  is  primarily  due to the issuance of $250
million of long-term  debt to replace debt  repurchased  in the second  quarter.
"Maintaining  significant  cash is important to  Corning's  long-term  financial
health and to enable us to invest in new business opportunities that emerge from
our research  laboratories,"  James B. Flaws,  vice chairman and chief financial
officer, said.

In the third  quarter,  Corning had  positive  free cash flow of $76 million and
remains on track to be free cash flow positive for the year. Free cash flow is a
non-GAAP financial measure.

Fourth-Quarter Outlook
Corning  expects  fourth-quarter  sales to be in the range of $1.28  billion  to
$1.33 billion and EPS in the range of $0.26 to $0.29, before special items. This
EPS estimate is a non-GAAP financial measure and excludes any special items.




                                     (more)





Corning Announces Third-Quarter Results
Page Three


Gross margin for the fourth quarter is expected to be in the range of 44 percent
to 46 percent and selling,  general and administrative  expenses are expected to
be in the range of 17 percent to 18 percent  of sales.  The  fourth-quarter  tax
rate is expected to be in the range of 13 percent to 15 percent.

In  its  Display  Technologies  segment,  Corning  expects  that  fourth-quarter
sequential  volume growth for its wholly owned  business will be in the range of
20 percent to 30 percent  as the  strong  demand  experienced  at the end of the
third quarter  continues into the fourth quarter.  Samsung  Corning  Precision's
fourth-quarter volume is expected to increase sequentially between 8 percent and
12  percent.   Corning  expects  that  fourth-quarter  price  declines  will  be
consistent with the third quarter.

"We are  expecting our display  segment to perform well in the fourth  quarter,"
Flaws  said.  "We  anticipate  that LCD TV sales  will  exceed 20 percent of the
global television market this year," he said.

Corning's  LCD glass  volume for the first three  quarters,  including  both its
wholly owned business and SCP,  increased more than 50 percent versus last year.
"With the expected  fourth-quarter  growth,  Corning's  full-year  volume growth
should be in line with our  expectations for the year. Our capability to deliver
larger-generation  substrate solutions and environmentally  green glass with our
EAGLE  XG(TM)  composition  has  allowed  us to  maintain  a  market  leadership
position," Flaws said.

Corning's  fourth-quarter  Telecommunications  segment  sales  are  expected  to
decline  sequentially  by 20 percent to 25  percent  due to normal  seasonality,
lower FTTP  volume and price  declines.  Fourth-quarter  sales in the  company's
Environmental  Technologies  segment are  expected to be flat with the  previous
quarter.  Fourth-quarter  equity  earnings  are  expected  to be  flat to down 5
percent.

Flaws also said that the  company  has been  encouraged  by its  initial  diesel
products sales and expects that volume should  continue to build as the industry
gears  up  for  the  implementation  of the  stricter  2007  U.S.  environmental
emissions  requirements for diesel engines.  He said that the volume ramp should
occur over several quarters into next year.

"An important goal for the long-term  success of the company is the  development
of a more balanced product  portfolio,"  Weeks said. "We continue to maintain an
investment of approximately  10 percent of our sales into research,  development
and  engineering.  A  highlight  of our third  quarter was the  introduction  of
Corning's  Epic(TM)  system,  the  life  science  industry's  first  label-free,
high-throughput  drug  screening  system.  Our  exploration  into  new  advanced
displays  such  as  single-crystal   silicon-on-glass  technology,  green  laser
applications,  carbon-based  energy storage (fuel cells) and optical fiber-radio
technology  are a few  examples  of  some  of  our  more  promising  early-stage
developments  currently in our  laboratories,"  Weeks said.  He noted that these
types of technology  developments often take as long as 10 years before they are
commercialized into the marketplace.






                                     (more)





Corning Announces Third-Quarter Results
Page Four


Additionally,  the company  announced that it will be meeting with investors and
presenting at four upcoming conferences: Western New York Investor Conference in
Buffalo, N.Y. on Oct. 31; UBS Global Communications and Technology Conference in
New York on Nov. 14; Credit Suisse Annual  Technology  Conference in Scottsdale,
Ariz.,  on Nov.  28 and Lehman  Brothers  Global  Technology  Conference  in San
Francisco on Dec. 7.

Third-Quarter Conference Call Information
The  company  will host a  third-quarter  conference  call at 8:30  a.m.  EDT on
Wednesday,  Oct. 25. To access the call,  dial (210)  234-8000.  The password is
QUARTER  THREE.  The  leader  is  SOFIO.  A  replay  of the call  will  begin at
approximately 10:30 a.m. EDT, and will run through 5 p.m. EDT,  Wednesday,  Nov.
8. To listen, dial (203) 369-0648. No pass code is required. To listen to a live
audio     webcast    of    the    call,    go    to    Corning's    Web    site:
http://www.corning.com/investor_relations,  and  follow  the  instructions.  The
audio webcast will be archived for one year following the call.

Presentation of Information in this News Release
Non-GAAP  financial  measures are not in accordance  with, or an alternative to,
GAAP.  Corning's  non-GAAP  net income and EPS measure  excludes  restructuring,
impairment  and  other  charges  and  adjustments  to prior  estimates  for such
charges.  Additionally,  the company's non-GAAP measure excludes  adjustments to
asbestos  settlement  reserves  required by movements in Corning's  common stock
price,  gains and losses arising from debt  retirements,  charges resulting from
the impairment of equity or cost method investments,  or adjustments to deferred
tax  assets,   and  gains  or  losses   recognized   in  equity   earnings  from
restructuring,  impairment  or other  charges or credits  taken by equity method
companies.  Corning's  free  cash  flow  financial  measures  are also  non-GAAP
measures.  The company believes  presenting  non-GAAP free cash flow; net income
and EPS measures are helpful to analyze financial performance without the impact
of  unusual  items  that  may  obscure   trends  in  the  company's   underlying
performance. These non-GAAP measures are reconciled on the company's Web site at
www.corning.com/investor_relations and accompany this news release.

About Corning Incorporated
Corning Incorporated  (www.corning.com) is a diversified technology company that
concentrates its efforts on high-impact growth  opportunities.  Corning combines
its  expertise  in  specialty  glass,   ceramic  materials,   polymers  and  the
manipulation of the properties of light,  with strong process and  manufacturing
capabilities  to develop,  engineer  and  commercialize  significant  innovative
products  for  the  telecommunications,   flat  panel  display,   environmental,
semiconductor, and life sciences industries.










                                     (more)





Corning Announces Third-Quarter Results
Page Five


Forward-Looking and Cautionary Statements
This press release contains forward-looking statements that involve a variety of
business risks and other uncertainties that could cause actual results to differ
materially.  These risks and uncertainties include the possibility of changes in
global economic and political  conditions;  tariffs,  import duties and currency
fluctuations;  product demand and industry capacity; competition;  manufacturing
efficiencies; cost reductions; availability and costs of critical components and
materials;  new product  development and  commercialization;  order activity and
demand from major  customers;  changes in the mix of sales  between  premium and
non-premium products; facility expansions and new plant start-up costs; possible
disruption in commercial  activities due to terrorist activity,  armed conflict,
political  instability or major health  concerns;  adequacy and  availability of
insurance;   capital  spending;  equity  company  activities;   acquisition  and
divestiture activities;  the level of excess or obsolete inventory;  the rate of
technology  change;  the  ability to enforce  patents;  product  and  components
performance  issues;  stock  price  fluctuations;   and  adverse  litigation  or
regulatory  developments.  Additional  risk factors are  identified in Corning's
filings with the Securities and Exchange Commission.  Forward-looking statements
speak  only  as of the day  that  they  are  made,  and  Corning  undertakes  no
obligation to update them in light of new information or future events.

                                       ###






                  CORNING INCORPORATED AND SUBSIDIARY COMPANIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
               (Unaudited; in millions, except per share amounts)



                                                                  Three months                   Nine months
                                                                ended September 30,          ended September 30,
                                                            ------------------------      -------------------------
                                                               2006           2005           2006            2005
                                                            ---------      ---------      ---------       ---------
                                                                                              
Net sales                                                   $   1,282      $   1,188      $   3,805       $   3,379
Cost of sales                                                     716            643          2,125           1,922
                                                            ---------      ---------      ---------       ---------

Gross margin                                                      566            545          1,680           1,457

Operating expenses:
   Selling, general and administrative expenses                   218            178            635             553
   Research, development and engineering expenses                 127            118            379             320
   Amortization of purchased intangibles                            2              3              8              11
   Restructuring, impairment and other charges                      2             28             13              46
   Asbestos settlement (Note 1)                                    13             73            137             204
                                                            ---------      ---------      ---------       ---------

Operating income                                                  204            145            508             323

Interest income                                                    32             17             82              40
Interest expense                                                  (18)           (23)           (56)            (84)
Loss on repurchases and retirement of debt, net                                                 (11)            (12)
Other income, net                                                  27             17             61              28
                                                            ---------      ---------      ---------       ---------

Income before income taxes                                        245            156            584             295
Provision for income taxes                                         33             28             55              91
                                                            ---------      ---------      ---------       ---------

Income (loss) before minority interests and equity earnings       212            128            529             204
Minority interests                                                 (6)            (2)            (8)             (8)
Equity in earnings of associated companies, net
  of impairments                                                  232             77            688             422
                                                            ---------      ---------      ---------       ---------

Net income                                                  $     438      $     203      $   1,209       $     618
                                                            =========      =========      =========       =========

Basic earnings per common share (Note 2)                    $    0.28      $    0.14      $    0.78       $    0.43
                                                            =========      =========      =========       =========
Diluted earnings per common share (Note 2)                  $    0.27      $    0.13      $    0.76       $    0.41
                                                            =========      =========      =========       =========

See accompanying notes to these financial statements.





                  CORNING INCORPORATED AND SUBSIDIARY COMPANIES
                           CONSOLIDATED BALANCE SHEETS
               (Unaudited; in millions, except per share amounts)



                                                                                         September 30,       December 31,
                                                                                             2006                2005
                                                                                        -------------       -------------
                                                                                                        
Assets

Current assets:
   Cash and cash equivalents                                                              $     979           $   1,342
   Short-term investments, at fair value                                                      1,833               1,092
                                                                                          ---------           ---------
     Total cash, cash equivalents and short-term investments                                  2,812               2,434
   Trade accounts receivable, net                                                               753                 629
   Inventories                                                                                  673                 570
   Deferred income taxes                                                                         64                  44
   Other current assets                                                                         184                 183
                                                                                          ---------           ---------
       Total current assets                                                                   4,486               3,860

Investments                                                                                   2,312               1,729
Property, net                                                                                 5,082               4,675
Goodwill and other intangible assets, net                                                       331                 338
Deferred income taxes                                                                            56                  10
Other assets                                                                                    580                 595
                                                                                          ---------           ---------

Total Assets                                                                              $  12,847           $  11,207
                                                                                          =========           =========

Liabilities and Shareholders' Equity

Current liabilities:
   Current portion of long-term debt                                                      $      20           $      18
   Accounts payable                                                                             574                 690
   Other accrued liabilities                                                                  1,726               1,662
                                                                                          ---------           ---------
       Total current liabilities                                                              2,320               2,370

Long-term debt                                                                                1,710               1,789
Postretirement benefits other than pensions                                                     592                 593
Other liabilities                                                                               996                 925
                                                                                          ---------           ---------
       Total liabilities                                                                      5,618               5,677
                                                                                          ---------           ---------

Commitments and contingencies
Minority interests                                                                               41                  43
Shareholders' equity:
   Preferred stock - Par value $100.00 per share; Shares authorized: 10 million
   Common stock - Par value $0.50 per share; Shares authorized: 3.8 billion;
     Shares issued: 1,573 million and 1,552 million                                             790                 776
   Additional paid-in capital                                                                11,935              11,548
   Accumulated deficit                                                                       (5,638)             (6,847)
   Treasury stock, at cost; Shares held: 17 million                                            (196)               (168)
   Accumulated other comprehensive income                                                       297                 178
                                                                                          ---------           ---------
       Total shareholders' equity                                                             7,188               5,487
                                                                                          ---------           ---------

Total Liabilities and Shareholders' Equity                                                $  12,847           $  11,207
                                                                                          =========           =========

See accompanying notes to these financial statements.





                  CORNING INCORPORATED AND SUBSIDIARY COMPANIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                            (Unaudited; in millions)


                                                                   Three months ended             Nine months ended
                                                                ------------------------            September 30,
                                                                 Sept. 30,      June 30,      ------------------------
                                                                   2006           2006          2006            2005
                                                                ---------       --------      ---------      ---------
                                                                                                 
Cash Flows from Operating Activities:
   Net income                                                   $    438        $   514       $ 1,209        $    618
   Adjustments to reconcile net income to net cash
     provided by operating activities:
      Depreciation                                                   140            149           430             373
      Amortization of purchased intangibles                            2              3             8              11
      Restructuring, impairment and other charges and (credits)        2              5            13              46
      Asbestos settlement                                             13            (61)          137             204
      Stock compensation charges                                      33             30            95              28
      Loss on repurchases and retirement of debt, net                                11            11              12
      Undistributed earnings of affiliated companies                (143)          (169)         (384)           (206)
      Deferred taxes                                                   3             (5)          (64)            (11)
      Restructuring payments                                          (3)            (2)           (9)            (21)
      Customer deposits, net                                          12             82            86             376
      Employee benefit payments less than expense                      3              8            26              44
      Changes in certain working capital items:
        Trade accounts receivable                                   (122)            68          (119)            (78)
        Inventories                                                  (11)           (47)         (104)            (46)
        Other current assets                                          (5)             3           (10)            (14)
        Accounts payable and other current liabilities,
          net of restructuring payments                               14              1          (181)            (91)
      Other, net                                                      35             (9)           31              35
                                                                --------        -------       -------        --------
Net cash provided by operating activities                            411            581         1,175           1,280
                                                                --------        -------       -------        --------

Cash Flows from Investing Activities:
   Capital expenditures                                             (338)          (274)         (892)         (1,076)
   Acquisitions of businesses, net of cash acquired                                 (16)          (16)
   Net proceeds from sale or disposal of assets                        3              8            11              17
   Net increase in long-term investments and other
     long-term assets                                                                             (77)
   Short-term investments - acquisitions                            (838)          (647)       (2,343)         (1,313)
   Short-term investments - liquidations                             383            485         1,603           1,163
   Other, net                                                                                                      13
                                                                --------        -------       -------        --------
Net cash used in investing activities                               (790)          (444)       (1,714)         (1,196)
                                                                --------        -------       -------        --------

Cash Flows from Financing Activities:
   Repayments of short-term borrowings and current
     portion of long-term debt                                        (7)            (3)          (14)           (198)
   Proceeds from issuance of long-term debt, net                     246                          246             147
   Repayments of long-term debt                                       (9)          (334)         (343)           (102)
   Proceeds from issuance of common stock, net                         5              9            20             356
   Proceeds from the exercise of stock options                        29             32           280             142
   Other, net                                                         (4)            (6)          (12)            (12)
                                                                --------        -------       -------        --------
Net cash provided by (used in) financing activities                  260           (302)          177             333
                                                                --------        -------       -------        --------
Effect of exchange rates on cash                                                      1            (1)            (31)
                                                                --------        -------       -------        --------
Net increase (decrease) in cash and cash equivalents                (119)          (164)         (363)            386
Cash and cash equivalents at beginning of period                   1,098          1,262         1,342           1,009
                                                                --------        -------       -------        --------

Cash and cash equivalents at end of period                      $    979        $ 1,098       $   979        $  1,395
                                                                ========        =======       =======        ========

Certain amounts for 2005 were reclassified to conform to 2006 classifications.






                  CORNING INCORPORATED AND SUBSIDIARY COMPANIES
                                 SEGMENT RESULTS
                            (Unaudited; in millions)

Our   reportable    operating    segments    include    Display    Technologies,
Telecommunications, Environmental Technologies and Life Sciences.



                                                Display     Telecom-    Environmental   Life         All
                                             Technologies  munications  Technologies  Sciences      Other       Total
                                             ------------  -----------  ------------- --------    --------     -------
                                                                                             
Three months ended September 30, 2006
Net sales                                      $   506      $   456       $    153    $     68    $     99     $ 1,282
Depreciation (1)                               $    69      $    36       $     19    $      5    $      9     $   138
Amortization of purchased intangibles                       $     2                                            $     2
Research, development and engineering
  expenses (2)                                 $    30      $    20       $     30    $     12    $      9     $   101
Restructuring, impairment and other charges
  and (credits) (before-tax and minority
  interest)                                                 $    (3)                  $      3    $      2     $     2
Income tax provision                           $   (22)     $   (11)      $     (3)               $     (1)    $   (37)
Earnings (loss) before minority interest
  and equity earnings (loss) (4)               $   257      $    24       $      7    $     (8)   $     (1)    $   279
Minority interests                                               (5)                                    (1)         (6)
Equity in earnings of affiliated companies (5)     138            1                                      9         148
                                               -------      -------       --------    --------    --------    --------
Net income (loss)                              $   395      $    20       $      7    $     (8)   $      7    $    421
                                               =======      =======       ========    ========    ========    ========

Three months ended September 30, 2005
Net sales                                      $   489      $   398       $    144    $     70    $     87    $ 1,188
Depreciation (1)                               $    48      $    46       $     18    $      5    $      8    $   125
Amortization of purchased intangibles                       $     3                                           $     3
Research, development and engineering
  expenses (2)                                 $    29      $    21       $     26    $     11    $      7    $    94
Restructuring, impairment and other charges
  and (credits) (before-tax and minority
  interest) (3)                                             $    28                                           $    28
Income tax provision                           $   (35)     $     2       $      1                $      1    $   (31)
Earnings (loss) before minority interest
  and equity earnings (loss) (4)               $   268      $   (23)      $      9    $     (1)   $      1    $   254
Minority interests                                                1                                     (2)        (1)
Equity in earnings (loss) of affiliated
  companies (5)                                    117            6                                   (107)        16
                                               -------      -------       --------    --------    --------    -------
Net income (loss)                              $   385      $   (17)      $      9    $     (1)   $   (108)   $   268
                                               =======      =======       ========    ========    ========    =======

Nine months ended September 30, 2006
Net sales                                      $ 1,514      $ 1,325       $    460    $    215    $    291    $ 3,805
Depreciation (1)                               $   199      $   121       $     59    $     15    $     29    $   423
Amortization of purchased intangibles                       $     8                                           $     8
Research, development and engineering
  expenses (2)                                 $    96      $    58       $     91    $     37    $     25    $   307
Restructuring, impairment and other charges
  and (credits) (before-tax and minority
  interest)                                                 $     2                   $      5    $      6    $    13
Income tax provision                           $   (72)     $   (30)      $     (6)               $     (5)   $  (113)
Earnings (loss) before minority interest
  and equity earnings (loss) (4)               $   741      $    62       $     16    $    (15)   $      2    $   806
Minority interests                                               (5)                                    (3)        (8)
Equity in earnings (loss) of affiliated
  companies (5)                                    415            4             (1)                      8        426
                                               -------      -------       --------    --------    --------    -------
Net income (loss)                              $ 1,156      $    61       $     15    $    (15)   $      7    $ 1,224
                                               =======      =======       ========    ========    ========    =======

Nine months ended September 30, 2005
Net sales                                      $ 1,224      $ 1,240       $    438    $    219    $    258    $ 3,379
Depreciation (1)                               $   133      $   138       $     53    $     15    $     26    $   365
Amortization of purchased intangibles                       $    10                                           $    10
Research, development and engineering
  expenses (2)                                 $    74      $    57       $     75    $     28    $     20    $   254
Restructuring, impairment and other charges
  and (credits) (before-tax and minority
  interest) (3)                                             $    36                               $    (15)   $    21
Income tax provision                           $   (76)     $   (13)      $     (5)   $     (2)   $     (3)   $   (99)
Earnings (loss) before minority interest and
  equity earnings (loss) (4)                   $   586      $   (15)      $     22    $      4    $     21    $   618
Minority interests                                                1                                     (9)        (8)
Equity in earnings (loss) of affiliated
  companies (5)                                    285            7                                    (82)       210
                                               -------      -------       --------    --------    --------    -------
Net income (loss)                              $   871      $    (7)      $     22    $      4    $    (70)   $   820
                                               =======      =======       ========    ========    ========    =======


(1)  Depreciation expense for Corning's reportable segments is recorded based on
     the assets of each segment and also includes an allocation of  depreciation
     of corporate property not specifically identifiable to a segment.
(2)  Research,  development,  and engineering  expenses  includes direct project
     spending which is identifiable to a segment.
(3)  In the three and nine  months  ended  September  30,  2005,  restructuring,
     impairment and other charges and (credits) includes a charge of $28 million
     for a restructuring plan in the Telecommunications segment.
(4)  Many of Corning's  administrative  and staff  functions  are performed on a
     centralized  basis.  Where  practicable,  Corning charges these expenses to
     segments  based upon the extent to which each  business  uses a centralized
     function. Other staff functions, such as corporate finance, human resources
     and legal are allocated to segments, primarily as a percentage of sales.
(5)  In the three and nine months ended  September 30, 2006,  equity in earnings
     (loss) of  affiliated  companies  includes  charges of $2  million  and $26
     million,  respectively,  in All Other  related to  impairments  for Samsung
     Corning.  In the three and nine months ended September 30, 2005,  equity in
     earnings (loss) of affiliated  companies  includes a charge of $106 million
     for   Corning's   share  of  Samsung   Corning's   impairment   of  certain
     manufacturing asset and other charges.





                  CORNING INCORPORATED AND SUBSIDIARY COMPANIES
                                 SEGMENT RESULTS
                            (Unaudited; in millions)


A reconciliation of reportable segment net income (loss) to consolidated net
income (loss) follows (in millions):



                                                                  Three months                        Nine months
                                                               ended September 30,                ended September 30,
                                                            ------------------------           ------------------------
                                                              2006            2005               2006            2005
                                                            ---------      ---------           ---------      ---------
                                                                                                   
Net income of reportable segments                            $  421         $   268            $  1,224        $   820
Unallocated amounts:
    Net financing costs (1)                                       5             (18)                 (5)           (79)
    Stock-based compensation expense                            (33)            (12)                (95)           (27)
    Exploratory research                                        (22)            (20)                (62)           (56)
    Corporate contributions                                      (7)             (6)                (24)           (18)
    Equity in earnings of affiliated companies,
       net of impairments (2)                                    84              61                 262            212
    Asbestos settlement (3)                                     (13)            (73)               (137)          (204)
    Other corporate items (4)                                     3               3                  46            (30)
                                                             ------         -------            --------        -------
Net income                                                   $  438         $   203            $  1,209        $   618
                                                             ======         =======            ========        =======


(1)  Net financing costs include interest expense, interest income, and interest
     costs and investment gains associated with benefit plans.
(2)  Equity in earnings of affiliated companies, net of impairments includes the
     following items:
     .    In the nine months  ended  September  30,  2006,  a $33  million  gain
          representing  our  share  of a  tax  settlement  relating  to  an  IRS
          examination at Dow Corning.
     .    In the nine months ended September 30, 2005, a gain of $11 million for
          our  share  of a gain  on the  issuance  of  subsidiary  stock  at Dow
          Corning.
(3)  The asbestos settlement  arrangement to be incorporated into the Pittsburgh
     Corning Corporation (PCC) reorganization plan, when the reorganization plan
     becomes  effective,  will require Corning to relinquish its equity interest
     in PCC,  contribute its equity interest in Pittsburgh Corning Europe (PCE),
     and 25 million  shares of Corning  common  stock to a trust.  Corning  also
     agreed to make cash payments over the six years from the effective  date of
     the  settlement and to assign certain  insurance  policy  proceeds from its
     primary  insurance and a portion of its excess insurance at the time of the
     settlement.  The asbestos liability requires adjustment to fair value based
     upon movements in Corning's common stock price prior to contribution of the
     shares to the trust as well as change in the  estimated  fair  value of the
     other components of the settlement  offer. In the third quarter of 2006 and
     2005,   Corning   recorded  a  charge  of  $6  million  and  $68   million,
     respectively,  to reflect the movement in  Corning's  common stock price in
     each year and  charges  of $7  million  and $5  million,  respectively,  to
     reflect  changes in the  estimated  fair value of other  components  of the
     settlement offer.
(4)  Other corporate items include the tax impact of the unallocated amounts. In
     addition, the following items are also included:
     .    In the nine months  ended  September  30,  2006,  tax  benefits of $48
          million from the release of valuation  allowances for certain  foreign
          locations.
     .    In the nine months ended September 30, 2005, impairment charges of $25
          million  for an  other-than-temporary  decline  in our  investment  in
          Avanex below its cost basis.
     .    In the three and nine months ended  September 30, 2005,  restructuring
          credits of $7 million for adjustments to prior years' reserves.







                  CORNING INCORPORATED AND SUBSIDIARY COMPANIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


1.   Asbestos Settlement

On March 28, 2003,  Corning  announced  that it had reached  agreement  with the
representatives  of asbestos  claimants  for the  settlement  of all current and
future asbestos claims against Corning and Pittsburgh Corning Corporation (PCC),
which might arise from PCC products or operations. The proposed settlement, when
the plan  becomes  effective,  will  require  Corning to  relinquish  its equity
interest in PCC,  contribute  its equity  interest in Pittsburgh  Corning Europe
N.V. (PCE), a Belgian  corporation,  and contribute 25 million shares of Corning
common  stock.  Corning also agreed to make cash  payments  with a value of $131
million, in March 2003, over six years from the effective date of the settlement
and to assign insurance policy proceeds from its primary insurance and a portion
of its excess insurance at the time of the settlement.

As a result of the proposed  asbestos  settlement,  any changes in the estimated
fair  value of the  components  of the  proposed  settlement  agreement  will be
recognized in Corning's  quarterly results until the date of the contribution to
the settlement trust. In the third quarter of 2006, Corning recorded a charge of
$13 million  (pretax and  after-tax)  including  a  mark-to-market  charge of $6
million  reflecting the increase in Corning's common stock from June 30, 2006 to
September 30, 2006 and a $7 million charge to adjust the estimated fair value of
certain other components of the proposed asbestos settlement.

Beginning  with the first quarter of 2003, we have recorded total net charges of
$955 million to reflect the estimated fair value of our asbestos liability.

2.   Weighted Average Shares Outstanding

Our weighted average shares outstanding are as follows (in millions):

                                        Three months ended
                                           September 30,
                                        -------------------   Three months ended
                                        2006          2005       June 30, 2006
                                        ----          ----    ------------------

Basic                                   1,553         1,488         1,549
Diluted                                 1,593         1,552         1,597
Diluted used for non-GAAP measures      1,593         1,556         1,597





                  CORNING INCORPORATED AND SUBSIDIARY COMPANIES
                           QUARTERLY SALES INFORMATION
                            (Unaudited; in millions)



                                                                                  2006
                                                     ---------------------------------------------------------
                                                              Three Months Ended                   Nine Months
                                                     -----------------------------------              Ended
                                                      March 31      June 30     Sept. 30            Sept. 30
                                                      --------      -------     --------            --------
                                                                                       
Display Technologies                                 $    547     $    461      $   506            $   1,514

Telecommunications
   Fiber and cable                                        205          234          241                  680
   Hardware and equipment                                 192          238          215                  645
                                                     --------     --------      -------            ---------
                                                          397          472          456                1,325

Environmental Technologies
   Automotive                                             121          113          112                  346
   Diesel                                                  34           39           41                  114
                                                     --------     --------      -------            ---------
                                                          155          152          153                  460

Life Sciences                                              72           75           68                  215

Other                                                      91          101           99                  291
                                                     --------     --------      -------            ---------

Total                                                $  1,262     $  1,261      $ 1,282            $   3,805
                                                     ========     ========      =======            =========




                                                                                  2005
                                                     -------------------------------------------------------------
                                                        Q1           Q2            Q3           Q4          Total
                                                     --------    ---------      -------      -------      --------
                                                                                           
Display Technologies                                 $    320    $     415      $   489      $   518      $  1,742

Telecommunications
   Fiber and cable                                        212          213          216          193           834
   Hardware and equipment                                 215          202          182          190           789
                                                     --------     --------      -------      -------      --------
                                                          427          415          398          383         1,623

Environmental Technologies
   Automotive                                             127          125          121          109           482
   Diesel                                                  21           21           23           33            98
                                                     --------     --------      -------      -------      --------
                                                          148          146          144          142           580

Life Sciences                                              74           75           70           63           282

Other                                                      81           90           87           94           352
                                                     --------     --------      -------      -------      --------

Total                                                $  1,050     $  1,141      $ 1,188      $ 1,200      $  4,579
                                                     ========     ========      =======      =======      ========


The above  supplemental  information  is  intended  to  facilitate  analysis  of
Corning's businesses.







                  CORNING INCORPORATED AND SUBSIDIARY COMPANIES
     RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL MEASURE
                      Three Months Ended September 30, 2006

           (Unaudited; amounts in millions, except per share amounts)

--------------------------------------------------------------------------------
Corning's  net income and earnings per share (EPS)  excluding  special items for
the third quarter of 2006 are non-GAAP  financial measures within the meaning of
Regulation G of the  Securities  and  Exchange  Commission.  Non-GAAP  financial
measures are not in accordance  with, or an alternative to,  generally  accepted
accounting  principles  (GAAP).  The company  believes  presenting  non-GAAP net
income and EPS is helpful to analyze financial performance without the impact of
unusual items that may obscure trends in the company's underlying performance. A
detailed  reconciliation  is provided below  outlining the  differences  between
these non-GAAP measures and the directly related GAAP measures.
--------------------------------------------------------------------------------

                                               Per     Income Before      Net
                                              Share    Income Taxes     Income
                                            -------    -------------   ---------
Earnings per share (EPS) and net
  income, excluding special items           $  0.28      $    258      $    451

Special items:
     Asbestos settlement (a)                  (0.01)          (13)          (13)
                                            -------      --------      --------

Total EPS and net income                    $  0.27      $    245      $    438
                                            =======      ========      ========

(a)  As a result of Corning's proposed asbestos  settlement,  any changes in the
     estimated fair value of the components of the proposed settlement agreement
     will be  recognized  in Corning's  quarterly  results until the date of the
     contribution to the settlement trust. In the third quarter of 2006, Corning
     recorded a gain of $13 million (before- and after-tax) including $6 million
     for the change in Corning's  common stock price of $24.41 at September  30,
     2006,  compared to $24.19 at June 30, 2006 and a $7 million  charge for the
     change in estimated fair value of certain other  components of the proposed
     asbestos settlement liability.






                  CORNING INCORPORATED AND SUBSIDIARY COMPANIES
     RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL MEASURE
                        Three Months Ended June 30, 2006
           (Unaudited; amounts in millions, except per share amounts)

--------------------------------------------------------------------------------
Corning's  net income and earnings per share (EPS)  excluding  special items for
the second quarter of 2006 are non-GAAP financial measures within the meaning of
Regulation G of the  Securities  and  Exchange  Commission.  Non-GAAP  financial
measures are not in accordance  with, or an alternative to,  generally  accepted
accounting  principles  (GAAP).  The company  believes  presenting  non-GAAP net
income and EPS is helpful to analyze financial performance without the impact of
unusual items that may obscure trends in the company's underlying performance. A
detailed  reconciliation  is provided below  outlining the  differences  between
these non-GAAP measures and the directly related GAAP measures.
--------------------------------------------------------------------------------

                                                Per     Income Before      Net
                                               Share    Income Taxes     Income
                                              -------   -------------   --------
Earnings per share (EPS) and net income,
  excluding special items                     $  0.26     $    233      $   421

Special items:
     Asbestos settlement (a)                     0.04           61           61

     Loss on repurchases of debt, net           (0.01)         (11)         (11)

     Provision for income taxes (b)              0.01                        10

     Equity in earnings of associated
       companies (c)                             0.02                        33
                                              -------     --------     --------

Total EPS and net income                      $  0.32     $    283     $    514
                                              =======     ========     ========

(a)  As a result of Corning's proposed asbestos  settlement,  any changes in the
     estimated fair value of the components of the proposed settlement agreement
     will be  recognized  in Corning's  quarterly  results until the date of the
     contribution  to the  settlement  trust.  In the  second  quarter  of 2006,
     Corning  recorded a gain of $61 million  (before- and after-tax)  including
     $68 million  for the change in  Corning's  common  stock price of $24.19 at
     June 30, 2006, compared to $26.92 at March 31, 2006 and a $7 million charge
     for the change in estimated  fair value of certain other  components of the
     proposed asbestos settlement liability.

(b)  Amount  reflects a $10 million tax  benefit  from the release of  Corning's
     valuation allowance on Australian tax benefits.

(c)  Amount  reflects a $33  million  increase in equity  earnings  representing
     Corning's share of a favorable tax settlement from the completion of an IRS
     examination at Dow Corning.






                  CORNING INCORPORATED AND SUBSIDIARY COMPANIES
     RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL MEASURE
                      Three Months Ended September 30, 2005
           (Unaudited; amounts in millions, except per share amounts)

--------------------------------------------------------------------------------
Corning's  net income and earnings per share (EPS)  excluding  special items for
the third quarter of 2005 are non-GAAP  financial measures within the meaning of
Regulation G of the  Securities  and  Exchange  Commission.  Non-GAAP  financial
measures are not in accordance  with, or an alternative to,  generally  accepted
accounting  principles  (GAAP).  The company  believes  presenting  non-GAAP net
income and EPS is helpful to analyze financial performance without the impact of
unusual items that may obscure trends in the company's underlying performance. A
detailed  reconciliation  is provided below  outlining the  differences  between
these non-GAAP measures and the directly related GAAP measure.
--------------------------------------------------------------------------------

                                                 Per     Income Before     Net
                                                Share    Income Taxes    Income
                                               --------  -------------  --------

EPS and net income, excluding special items    $  0.26     $   257      $   410

Special items:
     Restructuring, impairment and other
       (charges) and credits (a)                 (0.02)        (28)         (28)

     Asbestos settlement (b)                     (0.04)        (73)         (73)

     Equity in earnings of associated
       companies (c)                             (0.07)                    (106)
                                               -------     -------      -------

Total EPS and net income                       $  0.13     $   156      $   203
                                               =======     =======      =======

(a)  In the third quarter of 2005, we recorded a charge of $28 million  (before-
     and  after-tax  and  minority  interest)  which  included  severance  costs
     associated with cost reduction efforts in our  Telecommunications  segment.
     Also  included in this  charge  were $2 million of credits for  adjustments
     related to prior years' restructuring charges.

(b)  As a result of Corning's proposed asbestos  settlement,  any changes in the
     estimated fair value of the components of the proposed settlement agreement
     will be  recognized  in Corning's  quarterly  results until the date of the
     contribution to the settlement trust. In the third quarter of 2005, Corning
     recorded a charge of $73 million  (before-  and  after-tax)  including  $68
     million  for the  change  in  Corning's  common  stock  price of  $19.33 at
     September  30,  2005,  compared to $16.62 at June 30, 2005 and a $5 million
     charge for the change in estimated  fair value of certain other  components
     of the proposed asbestos settlement liability.

(c)  In  the  third  quarter  of  2005,  Samsung  Corning  Co.,  Ltd.,  a  South
     Korea-based  manufacturer  of glass panels and funnels for cathode ray tube
     television and display monitors,  recorded an impairment charge for certain
     of its  manufacturing  assets  and  severance  and exit  costs.  Our equity
     earnings were reduced by $106 million for Corning's share of these charges.










                  CORNING INCORPORATED AND SUBSIDIARY COMPANIES
     RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL MEASURE
                      Three Months Ended September 30, 2006
                        (Unaudited; amounts in millions)

--------------------------------------------------------------------------------
Corning's free cash flow financial  measure for the three months ended September
30, 2006 is a non-GAAP  financial  measure within the meaning of Regulation G of
the Securities and Exchange  Commission.  Non-GAAP financial measures are not in
accordance with, or an alternative to, generally accepted accounting  principles
(GAAP). The company believes  presenting non-GAAP financial measures are helpful
to analyze  financial  performance  without the impact of unusual items that may
obscure   trends  in  the   company's   underlying   performance.   A   detailed
reconciliation is provided below outlining the differences between this non-GAAP
measure and the directly related GAAP measure.
--------------------------------------------------------------------------------


                                                                  Three
                                                               months ended
                                                            September 30, 2006
                                                            ------------------

Cash flows from operating activities                              $  411

Less:  Cash flows from investing activities                         (790)

Plus:  Short-term investments - acquisitions                         838

Less:  Short-term investments - liquidations                        (383)
                                                                  ------

Free cash flow                                                    $   76
                                                                  ======









                  CORNING INCORPORATED AND SUBSIDIARY COMPANIES
     RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL MEASURE
                      Three Months Ended December 31, 2006
           (Unaudited; amounts in millions, except per share amounts)

--------------------------------------------------------------------------------
Corning's  earnings  per share  (EPS)  excluding  special  items for the  fourth
quarter of 2006 is a non-GAAP financial measure within the meaning of Regulation
G of the Securities and Exchange Commission. Non-GAAP financial measures are not
in  accordance  with,  or  an  alternative  to,  generally  accepted  accounting
principles  (GAAP). The company believes  presenting  non-GAAP EPS is helpful to
analyze  financial  performance  without  the impact of  unusual  items that may
obscure   trends  in  the   company's   underlying   performance.   A   detailed
reconciliation is provided below outlining the differences between this non-GAAP
measure and the directly related GAAP measure.
--------------------------------------------------------------------------------

                                                                 Range
                                                            ---------------
Guidance: EPS excluding special items                       $0.26     $0.29

Special items:
     Restructuring, impairment and other
       (charges) and credits (a)

     Asbestos settlement (b)
                                                            -----     -----

Earnings per share

        ----------------------------------------------------------------
        This schedule will be updated as additional announcements occur.
        ----------------------------------------------------------------

(a)  From time to time,  Corning may need to make  adjustments to estimates used
     in the determination of prior year  restructuring  and impairment  charges,
     which could result in a gain or loss during the quarter.

(b)  As part of Corning's  asbestos  settlement  arrangement to be  incorporated
     into the Pittsburgh Corning Corporation  reorganization  plan, Corning will
     contribute,  when the  reorganization  plan becomes  effective,  25 million
     shares  of  Corning  common  stock to a trust.  The  common  stock  will be
     contributed to the trust,  after the plan has been approved by the asbestos
     claimants and bankruptcy court. The portion of the asbestos liability to be
     settled  in common  stock  requires  adjustment  each  quarter  based  upon
     movements in  Corning's  common  stock price prior to  contribution  of the
     shares to the trust.  In the fourth quarter of 2006,  Corning will record a
     charge or credit for the change in its common  stock  price as of  December
     31, 2006 compared to $24.41,  the common stock price at September 30, 2006.
     In addition, Corning will record an adjustment to the asbestos liability to
     reflect  the  change in fair  value of any of the other  components  of the
     proposed asbestos settlement.



Please note that the  company  may pursue  other  financing,  restructuring  and
divestiture  activities at any time in the future, and that the potential impact
of these events is not included within Corning's fourth quarter 2006 guidance.

This schedule  contains  forward  looking  statements  within the meaning of the
Private  Securities   Litigation  Reform  Act  of  1995.  Such  forward  looking
statements  are based on current  expectations  and  involve  certain  risks and
uncertainties.  Actual  results may differ from those  projected  in the forward
looking statements.  Additional  information concerning factors that could cause
actual results to materially differ from those in the forward looking statements
is contained in the Securities and Exchange Commission filings of this Company.