$GLW
CORNING INC /NY

2018 Q4 Form 10-Q Financial Statement

#000002474118000053 Filed on October 24, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q4
Revenue $3.035B $3.008B $2.637B
YoY Change 15.09% 15.38% 6.5%
Cost Of Revenue $1.833B $1.776B $1.603B
YoY Change 14.35% 14.07% 7.87%
Gross Profit $1.202B $1.232B $1.032B
YoY Change 16.47% 17.33% 4.24%
Gross Profit Margin 39.6% 40.96% 39.14%
Selling, General & Admin $445.0M $439.0M $400.0M
YoY Change 11.25% 17.07% 8.7%
% of Gross Profit 37.02% 35.63% 38.76%
Research & Development $265.0M $244.0M $240.0M
YoY Change 10.42% 13.49% 38.73%
% of Gross Profit 22.05% 19.81% 23.26%
Depreciation & Amortization $330.0M $318.0M $306.0M
YoY Change 7.84% 8.16% 0.33%
% of Gross Profit 27.45% 25.81% 29.65%
Operating Expenses $736.0M $439.0M $662.0M
YoY Change 11.18% 17.07% 18.43%
Operating Profit $466.0M $522.0M $370.0M
YoY Change 25.95% 18.1% -14.15%
Interest Expense $87.00M $234.0M $254.0M
YoY Change -65.75% 917.39% -87.21%
% of Operating Profit 18.67% 44.83% 68.65%
Other Income/Expense, Net -$205.0M $12.00M -$60.00M
YoY Change 241.67% 71.43% 328.57%
Pretax Income $346.0M $758.0M $566.0M
YoY Change -38.87% 58.25% -76.46%
Income Tax $54.00M $133.0M $1.978B
% Of Pretax Income 15.61% 17.55% 349.47%
Net Earnings $292.0M $625.0M -$1.412B
YoY Change -120.68% 60.26% -189.82%
Net Earnings / Revenue 9.62% 20.78% -53.55%
Basic Earnings Per Share $0.27 $0.75 -$1.66
Diluted Earnings Per Share $0.26 $0.67 -$1.66
COMMON SHARES
Basic Shares Outstanding 800.4M 805.0M
Diluted Shares Outstanding 930.0M

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.355B $1.903B $4.317B
YoY Change -45.45% -50.76% -18.41%
Cash & Equivalents $2.355B $1.903B $4.317B
Short-Term Investments
Other Short-Term Assets $702.0M $835.0M $991.0M
YoY Change -29.16% -11.92% 23.11%
Inventory $2.037B $1.921B $1.712B
Prepaid Expenses
Receivables $1.940B $1.973B $1.807B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.034B $6.632B $8.827B
YoY Change -20.31% -19.65% -2.44%
LONG-TERM ASSETS
Property, Plant & Equipment $14.90B $14.35B $14.02B
YoY Change 6.26% 7.5% 11.72%
Goodwill $1.936B $1.930B $1.694B
YoY Change 14.29% 7.42%
Intangibles $1.292B $1.309B $869.0M
YoY Change 48.68% 9.17%
Long-Term Investments $376.0M $322.0M $340.0M
YoY Change 10.59% -8.52% 26.39%
Other Assets $1.021B $1.023B $934.0M
YoY Change 9.31% -71.34% -26.51%
Total Long-Term Assets $20.47B $19.76B $18.67B
YoY Change 9.66% -0.4% -0.98%
TOTAL ASSETS
Total Short-Term Assets $7.034B $6.632B $8.827B
Total Long-Term Assets $20.47B $19.76B $18.67B
Total Assets $27.51B $26.39B $27.49B
YoY Change 0.04% -6.06% -1.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.456B $1.092B $1.439B
YoY Change 1.18% -7.38% 33.36%
Accrued Expenses $1.851B $1.768B $1.391B
YoY Change 33.07% 76.1% -1.77%
Deferred Revenue $54.00M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.000M $252.0M $379.0M
YoY Change -98.94% -60.06% 48.05%
Total Short-Term Liabilities $3.311B $3.112B $3.209B
YoY Change 3.18% 1.53% 16.65%
LONG-TERM LIABILITIES
Long-Term Debt $5.994B $5.056B $4.749B
YoY Change 26.22% 26.59% 30.25%
Other Long-Term Liabilities $3.652B $3.545B $3.017B
YoY Change 21.05% -2.93% 7.56%
Total Long-Term Liabilities $3.652B $3.545B $3.017B
YoY Change 21.05% -53.64% 7.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.311B $3.112B $3.209B
Total Long-Term Liabilities $3.652B $3.545B $3.017B
Total Liabilities $13.62B $12.41B $11.72B
YoY Change 16.16% 15.19% 17.96%
SHAREHOLDERS EQUITY
Retained Earnings $16.30B $16.19B $15.93B
YoY Change 2.34% -5.63%
Common Stock $15.07B $15.06B $14.94B
YoY Change 0.84% 2.76%
Preferred Stock
YoY Change
Treasury Stock (at cost) $18.87B $18.52B $16.63B
YoY Change 13.45% 17.53%
Treasury Stock Shares $925.0M $914.0M $850.0M
Shareholders Equity $13.79B $13.89B $15.70B
YoY Change
Total Liabilities & Shareholders Equity $27.51B $26.39B $27.49B
YoY Change 0.04% -6.06% -1.45%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q4
OPERATING ACTIVITIES
Net Income $292.0M $625.0M -$1.412B
YoY Change -120.68% 60.26% -189.82%
Depreciation, Depletion And Amortization $330.0M $318.0M $306.0M
YoY Change 7.84% 8.16% 0.33%
Cash From Operating Activities $941.0M $943.0M $888.0M
YoY Change 5.97% 46.2% -37.82%
INVESTING ACTIVITIES
Capital Expenditures -$618.0M -$515.0M -$557.0M
YoY Change 10.95% 5.97% 76.83%
Acquisitions
YoY Change
Other Investing Activities -$3.000M $4.000M $65.00M
YoY Change -104.62% -104.08% 209.52%
Cash From Investing Activities -$621.0M -$511.0M -$492.0M
YoY Change 26.22% -12.5% 67.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 121.0M -538.0M -29.00M
YoY Change -517.24% 17.72% -93.56%
NET CHANGE
Cash From Operating Activities 941.0M 943.0M 888.0M
Cash From Investing Activities -621.0M -511.0M -492.0M
Cash From Financing Activities 121.0M -538.0M -29.00M
Net Change In Cash 441.0M -106.0M 367.0M
YoY Change 20.16% -73.23% -46.35%
FREE CASH FLOW
Cash From Operating Activities $941.0M $943.0M $888.0M
Capital Expenditures -$618.0M -$515.0M -$557.0M
Free Cash Flow $1.559B $1.458B $1.445B
YoY Change 7.89% 28.91% -17.1%

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