$GLW
Corning Inc

2022 Q1 Form 10-Q Financial Statement

#000143774922010222 Filed on April 29, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1 2020 Q4
Revenue $3.680B $3.290B $3.350B
YoY Change 11.85% 37.6% 18.92%
Cost Of Revenue $2.397B $2.134B $2.137B
YoY Change 12.32% 16.61% 8.86%
Gross Profit $1.283B $1.156B $1.213B
YoY Change 10.99% 106.06% 42.04%
Gross Profit Margin 34.86% 35.14% 36.21%
Selling, General & Admin $434.0M $400.0M $471.0M
YoY Change 8.5% 1.27% 17.46%
% of Gross Profit 33.83% 34.6% 38.83%
Research & Development $248.0M $222.0M $232.0M
YoY Change 11.71% -14.94% -16.55%
% of Gross Profit 19.33% 19.2% 19.13%
Depreciation & Amortization $342.0M $330.0M $392.0M
YoY Change 3.64% -7.3% 0.0%
% of Gross Profit 26.66% 28.55% 32.32%
Operating Expenses $434.0M $400.0M $737.0M
YoY Change 8.5% 1.27% 4.24%
Operating Profit $570.0M $502.0M $476.0M
YoY Change 13.55% -514.88% 223.81%
Interest Expense $61.00M $206.0M -$157.0M
YoY Change -70.39% 724.0% 207.84%
% of Operating Profit 10.7% 41.04% -32.98%
Other Income/Expense, Net $130.0M $125.0M $11.00M
YoY Change 4.0% -1236.36% -113.92%
Pretax Income $761.0M $825.0M $330.0M
YoY Change -7.76% -863.89% 1841.18%
Income Tax $180.0M $226.0M $78.00M
% Of Pretax Income 23.65% 27.39% 23.64%
Net Earnings $581.0M $599.0M $252.0M
YoY Change -3.01% -723.96% 687.5%
Net Earnings / Revenue 15.79% 18.21% 7.52%
Basic Earnings Per Share $0.69 $0.75
Diluted Earnings Per Share $0.68 $0.67 $321.4K
COMMON SHARES
Basic Shares Outstanding 843.0M 766.0M 764.0M
Diluted Shares Outstanding 859.0M 898.0M

Balance Sheet

Concept 2022 Q1 2021 Q1 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.016B $2.868B $2.672B
YoY Change -29.71% 41.63% 9.78%
Cash & Equivalents $2.016B $2.868B $2.672B
Short-Term Investments
Other Short-Term Assets $1.317B $974.0M $761.0M
YoY Change 35.22% 12.47% -12.83%
Inventory $2.618B $2.361B $2.481B
Prepaid Expenses
Receivables $1.910B $1.900B $2.133B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.861B $8.103B $8.004B
YoY Change -2.99% 16.66% 7.25%
LONG-TERM ASSETS
Property, Plant & Equipment $15.78B $15.36B $15.74B
YoY Change 2.71% 2.89% 2.64%
Goodwill $2.408B $2.429B $2.460B
YoY Change -0.86% 26.64% 27.13%
Intangibles $1.118B $1.259B $1.308B
YoY Change -11.2% 9.57% 10.38%
Long-Term Investments $435.0M
YoY Change 49.48%
Other Assets $2.060B $1.996B $2.140B
YoY Change 3.21% 41.26% 17.52%
Total Long-Term Assets $22.40B $22.04B $22.77B
YoY Change 1.62% 5.39% 6.23%
TOTAL ASSETS
Total Short-Term Assets $7.861B $8.103B $8.004B
Total Long-Term Assets $22.40B $22.04B $22.77B
Total Assets $30.26B $30.14B $30.78B
YoY Change 0.38% 8.2% 6.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.849B $1.272B $1.174B
YoY Change 45.36% 1.76% -26.02%
Accrued Expenses $3.092B $2.087B $3.139B
YoY Change 48.16% 8.19% 63.23%
Deferred Revenue $236.0M $217.0M $223.0M
YoY Change 8.76% 13.02% 114.42%
Short-Term Debt $0.00 $0.00 $75.00M
YoY Change
Long-Term Debt Due $120.0M $154.0M $156.0M
YoY Change -22.08% 1183.33% 1318.18%
Total Short-Term Liabilities $5.061B $3.513B $3.767B
YoY Change 44.06% 10.09% 6.99%
LONG-TERM LIABILITIES
Long-Term Debt $6.839B $7.650B $7.816B
YoY Change -10.6% -2.11% 1.13%
Other Long-Term Liabilities $5.108B $4.689B $5.192B
YoY Change 8.94% 20.39% 30.45%
Total Long-Term Liabilities $5.108B $4.689B $5.192B
YoY Change 8.94% 20.39% 30.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.061B $3.513B $3.767B
Total Long-Term Liabilities $5.108B $4.689B $5.192B
Total Liabilities $17.63B $16.59B $17.33B
YoY Change 6.29% 6.51% 8.97%
SHAREHOLDERS EQUITY
Retained Earnings $16.74B $16.51B $16.12B
YoY Change 1.38% 2.45% -1.76%
Common Stock $17.44B $15.59B $15.51B
YoY Change 11.89% 2.55% 2.13%
Preferred Stock
YoY Change
Treasury Stock (at cost) $20.42B $19.93B $19.93B
YoY Change 2.43% 0.08% 0.59%
Treasury Stock Shares $973.0M $961.0M $961.0M
Shareholders Equity $12.40B $13.37B $13.26B
YoY Change
Total Liabilities & Shareholders Equity $30.26B $30.14B $30.78B
YoY Change 0.38% 8.2% 6.5%

Cashflow Statement

Concept 2022 Q1 2021 Q1 2020 Q4
OPERATING ACTIVITIES
Net Income $581.0M $599.0M $252.0M
YoY Change -3.01% -723.96% 687.5%
Depreciation, Depletion And Amortization $342.0M $330.0M $392.0M
YoY Change 3.64% -7.3% 0.0%
Cash From Operating Activities $534.0M $723.0M $774.0M
YoY Change -26.14% 191.53% -23.97%
INVESTING ACTIVITIES
Capital Expenditures -$383.0M -$289.0M -$391.0M
YoY Change 32.53% -46.97% 3.99%
Acquisitions
YoY Change
Other Investing Activities $9.000M $20.00M $13.00M
YoY Change -55.0% 300.0% -31.58%
Cash From Investing Activities -$278.0M -$288.0M -$378.0M
YoY Change -3.47% -46.57% 5.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $149.0M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$375.0M -$190.0M -314.0M
YoY Change 97.37% 102.13% -139.95%
NET CHANGE
Cash From Operating Activities $534.0M $723.0M 774.0M
Cash From Investing Activities -$278.0M -$288.0M -378.0M
Cash From Financing Activities -$375.0M -$190.0M -314.0M
Net Change In Cash -$132.0M $196.0M 82.00M
YoY Change -167.35% -147.92% -94.33%
FREE CASH FLOW
Cash From Operating Activities $534.0M $723.0M $774.0M
Capital Expenditures -$383.0M -$289.0M -$391.0M
Free Cash Flow $917.0M $1.012B $1.165B
YoY Change -9.39% 27.62% -16.43%

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