Common-Size Income Statement
Quarterly Data
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- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Corning Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Gross Margin and Cost of Sales Trends
- The gross margin, expressed as a percentage of net sales, showed a noticeable decline during the early 2020 period, reaching a low around March 31, 2020, at approximately 23.46%, which corresponds to a peak in cost of sales at 76.54% during the same quarter. Post this low point, the gross margin steadily recovered, stabilizing in the 30-35% range through 2021 and 2022, though with some fluctuations. By the first quarter of 2024, gross margin improved to 33.38%, indicating moderate recovery. Conversely, cost of sales percentages followed an inverse pattern, peaking strongly during early 2020, then easing gradually thereafter.
- Operating Expenses and Operating Income
- Operating expenses, comprising selling, general and administrative expenses plus research, development and engineering expenses along with amortization of purchased intangibles, fluctuated notably over the period. Selling, general and administrative expenses as a percentage of sales showed variability, generally ranging between 12% to 17%, with a noticeable spike around December 31, 2023 at 17.17%. Research and development expenses remained relatively stable mostly between 6.5% and 9.5%, with a brief spike to nearly 16.8% in the quarter ending June 30, 2020, suggesting a one-time event or increased investment. Operating income as a percentage of net sales demonstrated volatility across quarters. After a sharp decline culminating in losses around March and June 2020, it rebounded strongly by December 2020 and maintained positive values thereafter, frequently above 10% and peaking around 16.42% in June 2021. Late 2022 and 2023 showed another decline in operating income margins, dipping close to 2.61% by December 2023, but recovering somewhat to 8.54% by the first quarter of 2024.
- Non-operating Items and Income Before Taxes
- Interest income remained consistently low and relatively stable, typically under 0.5% of net sales. Interest expense fluctuated between approximately -1.8% and -3.0%, peaking near the end of 2023. Translated earnings contract gains/losses showed a mixed trend, including positive and negative quarterly changes, indicating exposure to currency fluctuations or similar factors, with occasional gains surpassing 5%. A notable net transaction-related gain of 16.59% was recorded in one quarter, suggestive of a discrete transaction impacting results. Other income (expense), net varied considerably, including negative spikes such as -5.82% at end 2019 and positive spikes above 4% in early 2022, reflecting one-time or unusual items with material swings. Income before income taxes mirrored operating income trends but was more sensitive due to non-operating factors. It ranged from negative figures in the early 2020 period to highs above 20% in 2021 and 2022, indicating strong earnings before tax during these years, followed by volatility and occasional dips below zero towards the end of 2023.
- Income Taxes and Net Income
- The provision for income taxes displayed quarterly fluctuations, with occasional tax benefits (negative provisions) and spikes in tax expense, impacting net income variability. There were some periods with tax benefits despite positive income before taxes, indicating use of credits or loss carrybacks. Net income as a percentage of sales followed the overall income before taxes trajectory but was more volatile, with sharp declines in early 2020, reflecting the challenging environment. Subsequent recovery phases occurred through 2021 and 2022, with net income often above 10% of sales, but with declines and losses observed intermittently in late 2022 and 2023.
- Net Income Attributable to Common Shareholders
- Net income available to common shareholders tracked closely with overall net income but showed a marked anomaly in the quarter ending June 30, 2021, with a negative figure of -10.11%. This contrasts with positive net income for the same quarter, indicating a one-time, substantial charge likely related to the Series A convertible preferred stock dividend and excess considerations paid for redemption, which spiked dramatically to -22.94% in that quarter and is thereafter absent from reported data. Beyond this aberration, net income attributable to common shareholders reverted to positive territory, stabilizing in the range of approximately 5-15% of net sales, albeit with some volatility and occasional negative quarters.