Stock Analysis on Net
Stock Analysis on Net

Corning Inc. (NYSE:GLW)

$22.49

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

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

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
Cost of sales
Gross margin
Selling, general and administrative expenses
Research, development and engineering expenses
Amortization of purchased intangibles
Operating expenses
Operating income (loss)
Interest income
Interest expense
Translated earnings contract gain (loss), net
Transaction-related gain, net
Other income (expense), net
Income (loss) before income taxes
(Provision) benefit for income taxes
Net income (loss)
Net income attributable to non-controlling interest
Net income (loss) attributable to Corning Incorporated
Series A convertible preferred stock dividend and excess consideration paid for redemption of preferred stock
Net income (loss) available to common shareholders

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 data over the analyzed quarters reflects several notable trends and variations across key performance metrics.

Net Sales
Net sales displayed fluctuations, peaking in the fourth quarter of 2020 at 3,350 million USD and reaching a high again in Q4 2021 at 3,676 million USD. After these peaks, sales showed a slight downward trend, falling to 2,975 million USD by Q1 2024, indicating some pressure on revenue generation in the most recent periods.
Cost of Sales
Cost of sales generally followed an upward trajectory from 1,713 million USD in Q1 2019 to a peak around 2,491 million USD in Q4 2022, before declining slightly to 1,982 million USD by Q1 2024. This pattern suggests increased production or procurement costs over time, moderating somewhat in the latest quarters.
Gross Margin
Gross margin fluctuated notably, declining sharply from over 1,000 million USD in early 2019 to a low of 561 million USD in Q1 2020. It recovered thereafter, reaching above 1,200 million USD in late 2020 and maintaining a level around 1,000 million USD through 2023 and early 2024, suggesting partial recovery in profitability at the gross level after early 2020 setbacks.
Selling, General and Administrative Expenses (SG&A)
SG&A expenses remained relatively stable in absolute terms, fluctuating between approximately 400 million USD and just over 500 million USD per quarter, with occasional spikes in some quarters such as Q4 2020 and Q4 2023. Overall, these controlled expenses represent a consistent cost base relative to sales and production costs.
Research, Development and Engineering Expenses (R&D)
R&D expenses were generally steady, with some variation including an unusual spike to 430 million USD in Q2 2020, possibly reflecting increased innovation activities or one-time charges. Subsequent quarters returned to the 220 to 280 million USD range, indicating ongoing investment in research and product development.
Operating Expenses
Operating expenses showed an upward trend from around 679 million USD in early 2019 to peaks near 829 million USD in Q4 2023. This increase mirrors the pattern seen in SG&A and R&D, reflecting elevated overall operating investment and costs.
Operating Income (Loss)
Operating income was positive in most quarters except in early and mid-2020, when losses occurred (-121 million USD in Q1 2020 and -103 million USD in Q2 2020). From late 2020 through 2021, operating income improved considerably, reaching over 570 million USD in some quarters. However, volatility remained with a general downward movement in late 2022 and 2023, suggesting some operational challenges in recent periods.
Interest Income and Expense
Interest income held steady at low single-digit millions, gradually increasing towards 12-13 million USD by Q1 2024. Interest expense steadily rose from 52 million USD in early 2019 to around 83-90 million USD in recent quarters, indicating a rising cost of debt or increased borrowings.
Other Gains and Losses
Significant volatility is noted in items such as "Translated earnings contract gain (loss), net" and "Other income (expense), net," including a one-time transaction-related gain of 498 million USD in Q3 2020. These fluctuations contributed to irregular impacts on pre-tax income, reflecting exposure to currency translation effects, transactional gains, and other non-operating factors.
Income (Loss) Before Income Taxes
This metric displayed high variability, swinging from a low of -108 million USD in Q1 2020 to a peak of 827 million USD in Q1 2021. After that peak, the figure exhibited a downtrend with notable fluctuations, frequently remaining positive but with some quarters near breakeven or negative territory, suggesting inconsistent profitability before tax considerations.
Income Taxes
Income tax provision was often negative (benefits) in some quarters but mostly positive (provisions) averaging around 30 to 180 million USD. The pattern aligns with fluctuations in pre-tax income, with higher tax charges when profitability was stronger.
Net Income (Loss) and Net Income Available to Common Shareholders
Net income mirrored pre-tax income trends, with losses concentrated in 2020 Q1 and Q2, followed by strong recoveries and peaks in 2021 and 2022. The figures showed declines and some losses in late 2022 and 2023, evidencing challenges in sustaining profitability. Net income available to common shareholders reflects this pattern, including an anomaly of -354 million USD in Q2 2021, likely due to extraordinary items (e.g., a significant preferred stock dividend or redemption cost).

Overall, the data depicts a period of stress around early 2020 coinciding with lower sales, compressed margins, and operating losses. Recovery ensued with improved gross margins and profitability through 2021 and 2022, albeit with some volatility from non-operational gains and losses. Recent quarters show pressures with trending declines in sales and profits, as well as rising costs in interest expenses and operating expenses, highlighting potential challenges to future earnings stability.