CORNING INC NY
For the period ended Mar 31, 2024. Filed May 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
GLW$115.95+9.3%Stored close · as of Nov 9, 2026
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PART I – FINANCIAL INFORMATION Item 1. Financial Statements Consolidated Statements of Income
| Consolidated Statements of Income | Corning Incorporated and Subsidiary Companies |
|---|---|
| (Unaudited; in millions, except per share amounts) | |
| Three months ended | ||
|---|---|---|
| March 31, | ||
| 2024 | 2023 | |
| Net sales | $2,975 | $3,178 |
| Cost of sales | 1,982 | 2,175 |
| Gross margin | 993 | 1,003 |
| Operating expenses: | ||
| Selling, general and administrative expenses | 451 | 421 |
| Research, development and engineering expenses | 258 | 254 |
| Amortization of purchased intangibles | 30 | 31 |
| Operating income | 254 | 297 |
| Interest income | 12 | 7 |
| Interest expense | (83) | (76) |
| Translated earnings contract gain (loss), net (Note 11) | 39 | (8) |
| Other income, net | 74 | 8 |
| Income before income taxes | 296 | 228 |
| Provision for income taxes (Note 3) | (71) | (37) |
| Net income | 225 | 191 |
| Net income attributable to non-controlling interest | (16) | (15) |
| Net income attributable to Corning Incorporated | $209 | $176 |
| Earnings per common share available to common shareholders: | ||
| Basic (Note 4) | $0.25 | $0.21 |
| Diluted (Note 4) | $0.24 | $0.20 |
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