CORNING INC NY
For the period ended Dec 31, 2023. Filed Feb 12, 2024.
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FY2023 · Filed Feb 12, 2024
GLW$115.95+9.3%Stored close · as of Nov 9, 2026
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Financial statements
| Consolidated Statements of Income | Corning Incorporated and Subsidiary Companies |
|---|
| Year ended December 31, | |||
|---|---|---|---|
| (in millions, except per share amounts) | 2023 | 2022 | 2021 |
| Net sales | $12,588 | $14,189 | $14,082 |
| Cost of sales | 8,657 | 9,683 | 9,019 |
| Gross margin | 3,931 | 4,506 | 5,063 |
| Operating expenses: | |||
| Selling, general and administrative expenses | 1,843 | 1,898 | 1,827 |
| Research, development and engineering expenses | 1,076 | 1,047 | 995 |
| Amortization of purchased intangibles | 122 | 123 | 129 |
| Operating income | 890 | 1,438 | 2,112 |
| Interest income | 38 | 15 | 11 |
| Interest expense | (329) | (292) | (300) |
| Translated earnings contract gain, net (Note 13) | 161 | 351 | 354 |
| Other income, net | 56 | 285 | 249 |
| Income before income taxes | 816 | 1,797 | 2,426 |
| Provision for income taxes (Note 6) | (168) | (411) | (491) |
| Net income | 648 | 1,386 | 1,935 |
| Net income attributable to non-controlling interest | (67) | (70) | (29) |
| Net income attributable to Corning Incorporated | $581 | $1,316 | $1,906 |
| Earnings per common share available to common shareholders: | |||
| Basic (Note 15) | $0.69 | $1.56 | $1.30 |
| Diluted (Note 15) | $0.68 | $1.54 | $1.28 |
| Reconciliation of net income attributable to Corning Incorporated versus net income available to common shareholders: | |||
| Net income attributable to Corning Incorporated | $581 | $1,316 | $1,906 |
| Series A convertible preferred stock dividend | (24) | ||
| Excess consideration paid for redemption of preferred stock (1) | (803) | ||
| Net income available to common shareholders | $581 | $1,316 | $1,079 |
| (1) | Refer to Note 14 (Shareholders’ Equity) in the accompanying notes to the consolidated financial statements for additional information. |
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