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Corning Inc. (NYSE:GLW)

This company has been moved to the archive! The financial data has not been updated since May 2, 2024.

Common-Size Income Statement
Quarterly Data

Corning Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Net sales 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of sales -66.62 -69.57 -68.36 -68.76 -68.44 -73.14 -69.55 -65.53 -65.14 -65.42 -63.46 -62.44 -64.86 -63.79 -66.64 -70.48 -76.54 -69.68 -65.34 -63.78 -60.92
Gross margin 33.38% 30.43% 31.64% 31.24% 31.56% 26.86% 30.45% 34.47% 34.86% 34.58% 36.54% 37.56% 35.14% 36.21% 33.36% 29.52% 23.46% 30.32% 34.66% 36.22% 39.08%
Selling, general and administrative expenses -15.16 -17.17 -14.75 -13.57 -13.25 -15.18 -13.22 -13.44 -11.79 -12.95 -13.44 -13.28 -12.16 -14.06 -15.99 -15.66 -16.52 -14.24 -12.58 -14.08 -14.26
Research, development and engineering expenses -8.67 -9.65 -8.51 -8.11 -7.99 -8.25 -7.97 -6.64 -6.74 -7.62 -6.94 -6.91 -6.75 -6.93 -7.70 -16.79 -10.92 -9.87 -8.69 -8.47 -8.85
Amortization of purchased intangibles -1.01 -1.00 -0.95 -0.96 -0.98 -0.91 -0.89 -0.83 -0.84 -0.87 -0.89 -0.94 -0.97 -1.01 -1.10 -1.09 -1.09 -0.99 -0.95 -0.95 -1.03
Operating expenses -24.84% -27.82% -24.20% -22.63% -22.22% -24.34% -22.08% -20.91% -19.38% -21.44% -21.27% -21.14% -19.88% -22.00% -24.79% -33.54% -28.52% -25.10% -22.22% -23.50% -24.15%
Operating income (loss) 8.54% 2.61% 7.44% 8.60% 9.35% 2.52% 8.37% 13.55% 15.49% 13.14% 15.27% 16.42% 15.26% 14.21% 8.56% -4.02% -5.06% 5.22% 12.44% 12.72% 14.94%
Interest income 0.40 0.43 0.32 0.25 0.22 0.18 0.09 0.08 0.08 0.08 0.08 0.06 0.09 0.09 0.10 0.12 0.25 0.18 0.14 0.17 0.25
Interest expense -2.79 -3.01 -2.58 -2.50 -2.39 -2.23 -2.09 -1.99 -1.93 -1.99 -1.99 -2.23 -2.34 -2.24 -2.33 -2.62 -2.68 -2.13 -1.87 -1.84 -1.85
Translated earnings contract gain (loss), net 1.31 1.10 0.63 3.58 -0.25 2.76 -1.95 5.42 3.51 2.50 -0.36 0.09 8.27 -1.28 -3.33 1.44 2.84 3.02 2.93 -3.64 6.54
Transaction-related gain, net 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 16.59 0.00 0.00 0.00 0.00 0.00 0.00
Other income (expense), net 2.49 -2.40 1.04 2.68 0.25 -3.11 3.04 3.68 4.13 2.18 0.64 0.54 3.86 -0.93 -4.43 3.40 0.13 -5.82 0.41 0.37 0.78
Income (loss) before income taxes 9.95% -1.27% 6.84% 12.61% 7.17% 0.12% 7.45% 20.75% 21.28% 15.91% 13.64% 14.88% 25.14% 9.85% 15.16% -1.68% -4.52% 0.46% 14.04% 7.79% 20.66%
(Provision) benefit for income taxes -2.39 0.33 -1.10 -3.27 -1.16 -0.91 -0.97 -4.59 -4.89 -2.42 -3.02 -1.91 -6.87 -2.33 -0.77 -0.86 0.50 0.53 -2.42 -4.22 -2.70
Net income (loss) 7.56% -0.94% 5.74% 9.34% 6.01% -0.79% 6.48% 16.15% 16.39% 13.49% 10.62% 12.97% 18.27% 7.52% 14.40% -2.54% -4.02% 0.99% 11.62% 3.57% 17.96%
Net income attributable to non-controlling interest -0.54 -0.40 -0.57 -0.68 -0.47 -0.26 -0.52 -0.58 -0.60 -0.24 -0.36 -0.14 -0.06 0.00 -0.17 -0.23 0.00 0.14 -0.14 -0.44 -0.21
Net income (loss) attributable to Corning Incorporated 7.03% -1.34% 5.17% 8.66% 5.54% -1.06% 5.96% 15.57% 15.79% 13.25% 10.26% 12.82% 18.21% 7.52% 14.23% -2.77% -4.02% 1.14% 11.49% 3.13% 17.75%
Series A convertible preferred stock dividend and excess consideration paid for redemption of preferred stock 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -22.94 -0.73 -0.75 -0.80 -0.98 -1.00 -0.92 -0.82 -0.82 -0.85
Net income (loss) available to common shareholders 7.03% -1.34% 5.17% 8.66% 5.54% -1.06% 5.96% 15.57% 15.79% 13.25% 10.26% -10.11% 17.48% 6.78% 13.43% -3.75% -5.02% 0.21% 10.67% 2.31% 16.89%

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).

The financial performance from early 2019 through early 2024 is characterized by significant volatility in margins and net profitability. While the period began with strong margins, there were notable contractions in early 2020 and late 2022, followed by cycles of recovery and stabilization.

Gross Margin Performance
A volatile trend is observed in gross margins, which began at 39.08% in the first quarter of 2019. A sharp decline occurred in the first quarter of 2020, where margins reached a period low of 23.46%. A subsequent recovery led to a peak of 37.56% by the second quarter of 2021. Another significant contraction occurred in late 2022, dropping to 26.86% in the fourth quarter, before stabilizing between 30% and 33% throughout 2023 and the first quarter of 2024.
Operating Expense Analysis
Selling, general, and administrative expenses generally fluctuated between 12% and 15% of net sales, though a peak of 17.17% was recorded in the fourth quarter of 2023. Research, development, and engineering expenses remained relatively consistent, typically ranging from 6% to 9%, with a singular spike to 16.79% in the second quarter of 2020. Total operating expenses showed an upward trend during periods of margin compression, peaking at 33.54% in the second quarter of 2020.
Operating Income Trends
Operating income exhibited extreme variance, transitioning from a strong 14.94% in early 2019 to negative margins of -5.06% and -4.02% in the first half of 2020. The company achieved a period of sustained operating strength throughout 2021, with margins peaking at 16.42% in the second quarter. This was followed by a severe decline in 2022, bottoming out at 2.52% in the fourth quarter, and subsequent fluctuation between 2.61% and 9.35% in 2023 and early 2024.
Net Profitability and Non-Operating Impacts
Net income attributable to the company was heavily influenced by non-operating items and volatile gains/losses. A significant transaction-related gain of 16.59% in the third quarter of 2020 and fluctuating translated earnings contract gains—which varied from -3.64% to 8.27%—created substantial divergence between operating income and net income. Consequently, net income shifted from highs of 18.21% in early 2021 to losses in the fourth quarter of 2022 (-1.06%) and the fourth quarter of 2023 (-1.34%).

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