CORNING INC /NY

10-K & 10-Q Filings

Corning Incorporated is a global technology company that was founded in 1851 and traces its origins to a glass business. The company is vital to progress in various industries, including optical communications, mobile consumer electronics, display, automotive, solar, semiconductor, and life sciences. Corning's business strategy involves combining expertise in glass science, ceramic science, and optical physics with deep manufacturing and engineering capabilities to develop category-defining products. The company has five reportable business segments: Optical Communications, Display Technologies, Specialty Materials, Environmental Technologies, and Life Sciences. The Optical Communications segment is a leader in optical fiber, cable, and connectivity solutions for telecommunications networks. The Display Technologies segment manufactures glass substrates for flat panel displays, including LCDs and OLEDs. The Specialty Materials segment provides more than 150 material formulations for glass, glass ceramics, and crystals, as well as precision metrology instruments and software. The Environmental Technologies segment manufactures ceramic substrates and filter products for emissions control in mobile applications. The Life Sciences segment provides innovative solutions for traditional small molecule drugs, biologics, vaccines, and emerging cell and gene therapies. Corning's website is www.corning.com, and its ticker symbol is GLW. The company competes with various large and varied manufacturers in each of its business segments and maintains a competitive advantage through technology and product innovation, deep customer relationships, reliability of supply, product quality, superior customer service, and technical specification of its products. The company also invests heavily in research and development to protect its innovations through patents. At the end of 2023, Corning owned about 12,975 unexpired patents in various countries.

12 mos ending Dec 31, 201112 mos ending Dec 31, 201212 mos ending Dec 31, 201312 mos ending Dec 31, 201412 mos ending Dec 31, 201512 mos ending Dec 31, 201612 mos ending Dec 31, 201712 mos ending Dec 31, 201812 mos ending Dec 31, 201912 mos ending Dec 31, 202012 mos ending Dec 31, 202112 mos ending Dec 31, 202212 mos ending Dec 31, 20233 mos ending Mar 31, 20233 mos ending Mar 31, 2024CAGR %YoY %Revenue (+)
$7890.00
8012.00
7819.00
9715.00
9111.00
9390.00
10116.00
11290.00
11503.00
11303.00
14082.00
14189.00
12588.00
3178.00
2975.00
3.97%-6.39%Cost of Revenue (-)
$4324.00
4615.00
4495.00
5663.00
5458.00
5644.00
6084.00
6829.00
7468.00
7772.00
9019.00
9683.00
8657.00
2175.00
1982.00
5.96%-8.87%Gross Profit (+)
$3566.00
3397.00
3324.00
4052.00
3653.00
3746.00
4032.00
4461.00
4035.00
3531.00
5063.00
4506.00
3931.00
1003.00
993.00
0.82%-1.00%Selling, General & Administrative (-)
$1033.00
1165.00
1126.00
1211.00
1523.00
1472.00
1467.00
1799.00
1585.00
1747.00
1827.00
1898.00
1843.00
421.00
451.00
4.94%7.13%Depreciation & Amortization (-)
$15.00
19.00
31.00
33.00
54.00
64.00
75.00
94.00
113.00
121.00
129.00
123.00
122.00
31.00
30.00
19.08%-3.23%Non-recurring Operating Expenses (-)
$129.00
133.00
67.00
71.00
77.00
Operating Expenses (-)
$1872.00
2076.00
1953.00
2121.00
2331.00
2355.00
2402.00
2886.00
2729.00
3022.00
2951.00
3068.00
3041.00
706.00
739.00
4.13%4.67%Costs & Expenses (Total) (-)
$6196.00
6691.00
6448.00
7784.00
7789.00
7999.00
8486.00
9715.00
10197.00
10794.00
11970.00
12751.00
11698.00
2889.00
2721.00
5.44%-5.82%Operating Income/Loss (+)
$1694.00
1321.00
1371.00
1931.00
1322.00
1391.00
1630.00
1575.00
1306.00
509.00
2112.00
1438.00
890.00
297.00
254.00
-5.22%-14.48%Non-operating Income/Expense (+)
$1519.00
796.00
1342.00
1883.00
444.00
2301.00
27.00
-72.00
-90.00
114.00
285.00
300.00
94.00
15.00
86.00
-20.70%473.33%Earnings before Tax (+)
$3213.00
2117.00
2713.00
3814.00
1766.00
3692.00
1657.00
1503.00
1216.00
623.00
2397.00
1797.00
816.00
228.00
296.00
-10.79%29.82%Tax Expense (-)
$408.00
389.00
-512.00
-1096.00
-147.00
-3.00
2154.00
437.00
256.00
111.00
491.00
411.00
168.00
37.00
71.00
-7.13%91.89%Income/Loss (Continuing Operations) (+)
$2805.00
1728.00
3225.00
4910.00
1913.00
3695.00
-497.00
1066.00
960.00
512.00
1906.00
1386.00
648.00
191.00
225.00
-11.49%17.80%Profit/Loss (+)
$
1386.00
648.00
191.00
225.00
17.80%Net Income/Loss (NCI) (-)
$
70.00
67.00
15.00
16.00
6.67%Net Income/Loss (+)
$2805.00
1728.00
1961.00
2472.00
1339.00
3695.00
-497.00
1066.00
960.00
512.00
1906.00
1316.00
581.00
176.00
209.00
-12.30%18.75%Preferred & Other Distributions (-)
$
827.00
Net Income/Loss (Common) (+)
$2805.00
1728.00
1961.00
2472.00
1339.00
3695.00
-497.00
1066.00
960.00
512.00
1079.00
1316.00
581.00
176.00
209.00
-12.30%18.75%EPS (Basic)
$1.80
1.16
1.35
1.82
1.02
3.53
-0.66
1.19
1.11
0.54
1.30
1.56
0.69
0.21
0.25
-7.68%19.05%EPS (Diluted)
$1.77
1.15
1.34
1.73
1.00
3.23
-0.66
1.13
1.07
0.54
1.28
1.54
0.68
0.20
0.24
-7.66%20.00%Weighted Avg Shares (Basic)
1518.27
1472.40
928.09
857.45
786.76
763.63
768.37
845.85
846.56
853.47
850.13
856.62
-4.69%0.76%Cash
$4661.00
4988.00
4704.00
5309.00
4500.00
5291.00
4317.00
2355.00
2434.00
2672.00
2148.00
1671.00
1779.00
1146.00
1365.00
-7.71%19.11%Short-term Investments
$1164.00
1156.00
531.00
759.00
100.00
Receivables
$1082.00
1302.00
1253.00
1501.00
1372.00
1481.00
1807.00
1940.00
1836.00
2133.00
2004.00
1721.00
1572.00
1688.00
1621.00
3.16%-3.97%Inventory
$975.00
1051.00
1270.00
1322.00
1385.00
1471.00
1712.00
2037.00
2320.00
2438.00
2481.00
2904.00
2666.00
2863.00
2713.00
8.74%-5.24%Other Assets (Current)
$795.00
1198.00
1133.00
1347.00
912.00
805.00
991.00
702.00
873.00
761.00
1026.00
1157.00
1195.00
1180.00
1272.00
3.45%7.80%Assets (Current)
$8677.00
9695.00
8891.00
10238.00
8269.00
9048.00
8827.00
7034.00
7463.00
8004.00
7659.00
7453.00
7212.00
6877.00
6971.00
-1.53%1.37%Securities & Long-term Investments
$4726.00
4915.00
5537.00
1801.00
1975.00
336.00
340.00
376.00
334.00
Property, Plant & Equipment (Net)
$10671.00
10625.00
9801.00
12766.00
12648.00
12546.00
14017.00
14895.00
15337.00
15742.00
15804.00
15371.00
14630.00
15137.00
14199.00
2.66%-6.20%Goodwill & Intangibles
$
1647.00
2086.00
2373.00
2563.00
3228.00
3120.00
3768.00
3569.00
3423.00
3285.00
3396.00
3241.00
-4.56%Other Assets
$3774.00
4140.00
4249.00
3611.00
3569.00
3596.00
1747.00
1972.00
2644.00
3261.00
3122.00
3252.00
3373.00
3412.00
3207.00
-0.93%-6.01%Assets (Non-current)
$19171.00
19680.00
19587.00
19825.00
20278.00
18851.00
18667.00
20471.00
21435.00
22771.00
22495.00
22046.00
21288.00
21945.00
20647.00
0.88%-5.91%Assets (Total)
$27848.00
29375.00
28478.00
30063.00
28547.00
27899.00
27494.00
27505.00
28898.00
30775.00
30154.00
29499.00
28500.00
28822.00
27618.00
0.19%-4.18%Accounts Payable
$2070.00
1880.00
1725.00
2288.00
2242.00
2495.00
2830.00
3307.00
3510.00
3611.00
4751.00
4951.00
3999.00
4576.00
3857.00
5.64%-15.71%Debt (Current)
$27.00
76.00
21.00
36.00
572.00
256.00
379.00
4.00
11.00
156.00
55.00
224.00
320.00
197.00
318.00
22.88%61.42%Liabilities (Current)
$2097.00
1956.00
1746.00
2324.00
2814.00
2751.00
3209.00
3311.00
3521.00
3767.00
4806.00
5175.00
4319.00
4773.00
4175.00
6.21%-12.53%Debt (Non-current)
$2364.00
3382.00
3272.00
3227.00
3910.00
3646.00
4749.00
5994.00
7729.00
7816.00
6989.00
6687.00
7206.00
6654.00
7050.00
9.73%5.95%Other Liabilities
$2258.00
2504.00
2249.00
2860.00
2960.00
3542.00
3766.00
4314.00
4651.00
5744.00
5814.00
5362.00
5107.00
5188.00
4834.00
7.04%-6.82%Liabilities (Non-current)
$4622.00
5886.00
5521.00
6087.00
6870.00
7188.00
8515.00
10308.00
12380.00
13560.00
12803.00
12049.00
12313.00
11842.00
11884.00
8.51%0.35%Liabilities (Total)
$6719.00
7842.00
7267.00
8411.00
9684.00
9939.00
11724.00
13619.00
15901.00
17327.00
17609.00
17224.00
16632.00
16615.00
16059.00
7.85%-3.35%Treasury Stock
$2024.00
2773.00
-4099.00
-6727.00
-9725.00
14152.00
16633.00
18870.00
19812.00
19928.00
20263.00
20532.00
20637.00
20548.00
20672.00
21.35%0.60%Retained Earnings
$9332.00
10588.00
11320.00
13021.00
13832.00
16880.00
15930.00
16303.00
16408.00
16120.00
16389.00
16778.00
16391.00
16713.00
16358.00
4.81%-2.12%AOCI
$-89.00
-300.00
44.00
-1307.00
-1811.00
-1676.00
-842.00
-1010.00
-1171.00
-740.00
-1175.00
-1830.00
-2048.00
-1897.00
-2375.00
-25.20%Shareholder's Equity
$21129.00
21533.00
21211.00
21652.00
18863.00
17960.00
15770.00
13886.00
12997.00
13448.00
12545.00
12275.00
11868.00
12207.00
11559.00
-4.69%-5.31%Liabilities & Equity
$27848.00
29375.00
28478.00
30063.00
28547.00
27899.00
27494.00
27505.00
28898.00
30775.00
30154.00
29499.00
28500.00
28822.00
27618.00
0.19%-4.18%Net Income/Loss
$2805.00
1728.00
1961.00
2472.00
1339.00
3695.00
-497.00
1066.00
960.00
512.00
1906.00
1386.00
648.00
191.00
225.00
-11.49%17.80%Depreciation & Amortization
$957.00
997.00
1002.00
1200.00
1184.00
1195.00
1158.00
1293.00
1503.00
1520.00
1481.00
1452.00
1369.00
341.00
337.00
3.03%-1.17%Increase/Decrease in Working Capital
$234.00
257.00
-173.00
142.00
354.00
-208.00
175.00
101.00
509.00
-308.00
-309.00
118.00
300.00
618.00
375.00
2.09%-39.32%Share-based Compensation
$86.00
70.00
54.00
58.00
46.00
42.00
56.00
207.00
190.00
175.00
218.00
52.00
60.00
8.06%15.38%Adjustments to Reconcile Net Income
$384.00
1478.00
826.00
2237.00
1470.00
-1174.00
2501.00
1853.00
1071.00
1668.00
1506.00
1229.00
1357.00
-240.00
-129.00
11.09%46.25%Net Cash (Operating)
$3189.00
3206.00
2787.00
4709.00
2809.00
2521.00
2004.00
2919.00
2031.00
2180.00
3412.00
2615.00
2005.00
-49.00
96.00
-3.79%295.92%Capital Expenditure
$2645.00
2635.00
-1613.00
-1119.00
-2027.00
1487.00
1961.00
3152.00
1987.00
1336.00
1517.00
1528.00
1323.00
315.00
252.00
-5.61%-20.00%Net Cash (Investing)
$-2056.00
-2628.00
-1004.00
-962.00
-685.00
3662.00
-1710.00
-2887.00
-1891.00
-1310.00
-1419.00
-1355.00
-1000.00
-228.00
-184.00
19.30%Increase/Decrease in Debt
$64.00
1055.00
958.00
-16.00
1224.00
-572.00
1186.00
856.00
1531.00
22.00
-838.00
40.00
716.00
-15.00
-37.00
22.29%-146.67%Increase/Decrease in Equity
$-780.00
-720.00
1516.00
2883.00
3228.00
-4227.00
-2452.00
-2146.00
-882.00
19.00
-177.00
-181.00
42.00
16.00
13.00
-18.75%Dividends Paid
$354.00
472.00
-566.00
-591.00
-679.00
645.00
651.00
685.00
742.00
787.00
871.00
932.00
989.00
239.00
243.00
8.94%1.67%Net Cash (Financing)
$-980.00
-115.00
-2063.00
-2586.00
-2603.00
-5306.00
-1624.00
-1995.00
-47.00
-729.00
-2452.00
-1649.00
-883.00
-248.00
-308.00
-24.19%Effect of Exchange Rate
$-90.00
-136.00
-4.00
-556.00
-330.00
-86.00
356.00
1.00
-14.00
97.00
-65.00
-88.00
-14.00
-18.00
Increase/Decrease in Cash
$63.00
327.00
-284.00
605.00
-809.00
791.00
-974.00
-1962.00
79.00
238.00
-524.00
-477.00
108.00
-525.00
-414.00
4.59%21.14%Cash (Beginning)
$4598.00
4661.00
4988.00
4704.00
5309.00
4500.00
5291.00
4317.00
2355.00
2434.00
2672.00
2148.00
1671.00
1671.00
1779.00
-8.09%6.46%Cash (Ending)
$4661.00
4988.00
4704.00
5309.00
4500.00
5291.00
4317.00
2355.00
2434.00
2672.00
2148.00
1671.00
1779.00
1146.00
1365.00
-7.71%19.11%NOPAT
$1478.89
1078.27
1112.26
1376.10
1211.96
1392.13
-488.90
1117.07
1031.05
418.31
1679.38
1109.11
706.76
248.80
193.07
-5.97%-22.40%Gross Margin %
45.20%
42.40%
42.51%
41.71%
40.09%
39.89%
39.86%
39.51%
35.08%
31.24%
35.95%
31.76%
31.23%
31.56%
33.38%
Operating Margin %
21.47%
16.49%
17.53%
19.88%
14.51%
14.81%
16.11%
13.95%
11.35%
4.50%
15.00%
10.13%
7.07%
9.35%
8.54%
NOPAT Margin %
18.74%
13.46%
14.23%
14.16%
13.30%
14.83%
-4.83%
9.89%
8.96%
3.70%
11.93%
7.82%
5.61%
7.83%
6.49%
Net Margin %
35.55%
21.57%
25.08%
25.45%
14.70%
39.35%
-4.91%
9.44%
8.35%
4.53%
13.54%
9.27%
4.62%
5.54%
7.03%
Tax Rate %
12.70%
18.38%
18.87%
28.74%
8.32%
-0.08%
129.99%
29.08%
21.05%
17.82%
20.48%
22.87%
20.59%
16.23%
23.99%
ROA
5.31%
3.67%
3.91%
4.58%
4.25%
4.99%
-1.78%
4.06%
3.57%
1.36%
5.57%
3.76%
2.48%
0.86%
0.70%
ROE
7.00%
5.01%
5.24%
6.36%
6.43%
7.75%
-3.10%
8.04%
7.93%
3.11%
13.39%
9.04%
5.96%
2.04%
1.67%
ROIC
12.92%
9.06%
9.77%
8.64%
7.50%
8.53%
-2.67%
5.61%
5.09%
1.94%
8.19%
5.58%
3.64%
1.32%
1.06%
Asset Turnover
0.28
0.27
0.27
0.32
0.32
0.34
0.37
0.41
0.40
0.37
0.47
0.48
0.44
0.11
0.11
Inventory Turnover
4.43
4.39
3.54
4.28
3.94
3.84
3.55
3.35
3.22
3.19
3.64
3.33
3.25
0.76
0.73
Equity Multiplier
1.32
1.36
1.34
1.39
1.51
1.55
1.74
1.98
2.22
2.29
2.40
2.40
2.40
2.36
2.39
Current Ratio
4.14
4.96
5.09
4.41
2.94
3.29
2.75
2.12
2.12
2.12
1.59
1.44
1.67
1.44
1.67
Quick Ratio
3.29
3.81
3.72
3.26
2.12
2.46
1.91
1.30
1.21
1.28
0.86
0.66
0.78
0.59
0.72
Debt/Equity Ratio
0.11
0.16
0.16
0.15
0.24
0.22
0.33
0.43
0.60
0.59
0.56
0.56
0.63
0.56
0.64
Working Capital/Sales
0.10
0.16
0.20
0.16
0.16
0.15
0.17
0.16
0.16
0.18
0.08
0.08
0.12
0.09
0.26
Dividend Payout Ratio %
23.94%
43.77%
-50.89%
-42.95%
-56.03%
46.33%
133.16%
61.32%
71.97%
188.14%
51.86%
84.03%
139.93%
96.06%
125.86%
Total Payout
$1070.00
137.00
-3040.00
-3458.00
-5131.00
5444.00
1917.00
1975.00
93.00
746.00
1886.00
1073.00
231.00
238.00
267.00
-11.99%12.18%Payout Ratio %
72.35%
12.71%
-273.32%
-251.29%
-423.36%
391.06%
392.10%
176.80%
9.02%
178.34%
112.30%
96.74%
32.68%
95.66%
138.29%