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warned Monday its 2001 earnings would fall short of previous projections, but said its first-quarter earnings remain on target.

The maker of fiber-optic equipment said 2001 earnings are now expected to be $1.20 to $1.30 a share, down from $1.40 to $1.43 expected previously. Analysts surveyed by

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were expecting earnings of $1.36.

Revenue is forecast to be $8.2 billion to $8.5 billion, in line with analysts' estimates of $8.4 billion, and 15% to 20% better than 2000 revenue of $7.1 billion.

"Our new outlook is based on recent customer feedback which indicates that a meaningful recovery of spending by our telecommunications customers will occur much more slowly than we had previously anticipated," said Corning CEO John W. Loose.

Revenue from photonic technologies is now expected to grow at a 20% to 25% rate, half the 50% growth target Corning announced on Feb. 16. And that forecast was revised downward from a previous growth projection of 75% to 90%.

Corning said its first-quarter earnings still are expected to be 28 cents to 31 cents per share. The consensus analysts' estimate is 29 cents a share.

Corning recently hit a new 52-week low and said it would

cut 825 jobs in its photonics plants because of softening demand from telecommunications companies.

Shares of Corning were down $1.08, or 4.7%, to $22.10 in pre-open