Name: Corning Inc. (NYSE:GLW) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Corning Inc., consolidated income statement (quarterly data)

US$ in millions

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	2,975)	2,994)	3,173)	3,243)	3,178)	3,406)	3,488)	3,615)	3,680)	3,676)	3,615)	3,501)	3,290)	3,350)	3,001)	2,561)	2,391)	2,817)	2,934)	2,940)	2,812)
Cost of sales	(1,982)	(2,083)	(2,169)	(2,230)	(2,175)	(2,491)	(2,426)	(2,369)	(2,397)	(2,405)	(2,294)	(2,186)	(2,134)	(2,137)	(2,000)	(1,805)	(1,830)	(1,963)	(1,917)	(1,875)	(1,713)
Gross margin	993)	911)	1,004)	1,013)	1,003)	915)	1,062)	1,246)	1,283)	1,271)	1,321)	1,315)	1,156)	1,213)	1,001)	756)	561)	854)	1,017)	1,065)	1,099)
Selling, general and administrative expenses	(451)	(514)	(468)	(440)	(421)	(517)	(461)	(486)	(434)	(476)	(486)	(465)	(400)	(471)	(480)	(401)	(395)	(401)	(369)	(414)	(401)
Research, development and engineering expenses	(258)	(289)	(270)	(263)	(254)	(281)	(278)	(240)	(248)	(280)	(251)	(242)	(222)	(232)	(231)	(430)	(261)	(278)	(255)	(249)	(249)
Amortization of purchased intangibles	(30)	(30)	(30)	(31)	(31)	(31)	(31)	(30)	(31)	(32)	(32)	(33)	(32)	(34)	(33)	(28)	(26)	(28)	(28)	(28)	(29)
Operating expenses	(739)	(833)	(768)	(734)	(706)	(829)	(770)	(756)	(713)	(788)	(769)	(740)	(654)	(737)	(744)	(859)	(682)	(707)	(652)	(691)	(679)
Operating income (loss)	254)	78)	236)	279)	297)	86)	292)	490)	570)	483)	552)	575)	502)	476)	257)	(103)	(121)	147)	365)	374)	420)
Interest income	12)	13)	10)	8)	7)	6)	3)	3)	3)	3)	3)	2)	3)	3)	3)	3)	6)	5)	4)	5)	7)
Interest expense	(83)	(90)	(82)	(81)	(76)	(76)	(73)	(72)	(71)	(73)	(72)	(78)	(77)	(75)	(70)	(67)	(64)	(60)	(55)	(54)	(52)
Translated earnings contract gain (loss), net	39)	33)	20)	116)	(8)	94)	(68)	196)	129)	92)	(13)	3)	272)	(43)	(100)	37)	68)	85)	86)	(107)	184)
Transaction-related gain, net	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	498)	—)	—)	—)	—)	—)	—)
Other income (expense), net	74)	(72)	33)	87)	8)	(106)	106)	133)	152)	80)	23)	19)	127)	(31)	(133)	87)	3)	(164)	12)	11)	22)
Income (loss) before income taxes	296)	(38)	217)	409)	228)	4)	260)	750)	783)	585)	493)	521)	827)	330)	455)	(43)	(108)	13)	412)	229)	581)
(Provision) benefit for income taxes	(71)	10)	(35)	(106)	(37)	(31)	(34)	(166)	(180)	(89)	(109)	(67)	(226)	(78)	(23)	(22)	12)	15)	(71)	(124)	(76)
Net income (loss)	225)	(28)	182)	303)	191)	(27)	226)	584)	603)	496)	384)	454)	601)	252)	432)	(65)	(96)	28)	341)	105)	505)
Net income attributable to non-controlling interest	(16)	(12)	(18)	(22)	(15)	(9)	(18)	(21)	(22)	(9)	(13)	(5)	(2)	—)	(5)	(6)	—)	4)	(4)	(13)	(6)
Net income (loss) attributable to Corning Incorporated	209)	(40)	164)	281)	176)	(36)	208)	563)	581)	487)	371)	449)	599)	252)	427)	(71)	(96)	32)	337)	92)	499)
Series A convertible preferred stock dividend and excess consideration paid for redemption of preferred stock	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(803)	(24)	(25)	(24)	(25)	(24)	(26)	(24)	(24)	(24)
Net income (loss) available to common shareholders	209)	(40)	164)	281)	176)	(36)	208)	563)	581)	487)	371)	(354)	575)	227)	403)	(96)	(120)	6)	313)	68)	475)

Revenue trends exhibit a cyclical pattern over the analyzed period. Net sales remained relatively stable throughout 2019 before experiencing a sharp contraction in the first quarter of 2020. This was followed by a period of significant growth that peaked in the fourth quarter of 2021 at 3,676 million USD. However, a gradual downward trend is observed from early 2022 through the first quarter of 2024, with sales returning to levels near those seen in 2019.

Gross Profitability and Margin Analysis: Gross margins followed a trajectory similar to net sales, with a notable trough in the first quarter of 2020 (561 million USD) and a peak in the third quarter of 2021 (1,321 million USD). While gross margin expanded during the 2021 growth phase, there is a observable erosion in margin percentage toward the end of the period. By the fourth quarter of 2023, gross margin fell to 911 million USD despite sales remaining above 2,900 million USD, indicating increased cost of sales relative to revenue.
Operating Expense Management: Selling, general, and administrative expenses have shown a general upward trend, increasing from an average of approximately 400 million USD per quarter in 2019 to peaks exceeding 500 million USD in late 2022 and 2023. Research, development, and engineering expenses have remained relatively consistent, generally fluctuating between 220 million USD and 280 million USD per quarter, suggesting a steady commitment to innovation despite fluctuations in top-line revenue.
Operating Income Volatility: Operating income exhibits high volatility, characterized by a transition from profitability in 2019 to operating losses in the first half of 2020. A strong recovery occurred throughout 2021, with quarterly operating income peaking at 575 million USD in the second quarter. However, a significant decline is noted throughout 2022 and 2023, reaching a period low of 78 million USD in the fourth quarter of 2023, before rebounding to 254 million USD in the first quarter of 2024.
Net Income and Non-Operating Factors: Net income is heavily influenced by non-operating items, specifically translated earnings contract gains and losses and other net income. These fluctuations created significant variance in the bottom line, such as the contrast between the high net income in the first quarter of 2021 (601 million USD) and the net loss in the fourth quarter of 2023 (-28 million USD). A substantial one-time impact is noted in the second quarter of 2021, where a payment for preferred stock redemption of 803 million USD resulted in a net loss available to common shareholders of 354 million USD despite positive net income.
Financial Obligations: Interest expenses have trended upward over the five-year period, rising from approximately 50 million USD per quarter in 2019 to a range of 80 million USD to 90 million USD per quarter by 2023. This increase in financing costs has placed additional pressure on the net income available to common shareholders.

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Corning Inc. (NYSE:GLW)

Income StatementQuarterly Data

Income Statement
Quarterly Data