$GLW
CORNING INC /NY

2023 Q3 Form 10-Q Financial Statement

#000143774923020854 Filed on July 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $3.173B $3.243B
YoY Change -9.03% -10.29%
Cost Of Revenue $2.169B $2.230B
YoY Change -10.59% -5.87%
Gross Profit $1.004B $1.013B
YoY Change -5.46% -18.7%
Gross Profit Margin 31.64% 31.24%
Selling, General & Admin $468.0M $440.0M
YoY Change 1.52% -9.47%
% of Gross Profit 46.61% 43.44%
Research & Development $270.0M $263.0M
YoY Change -2.88% 9.58%
% of Gross Profit 26.89% 25.96%
Depreciation & Amortization $340.0M $343.0M
YoY Change -5.03% -8.53%
% of Gross Profit 33.86% 33.86%
Operating Expenses $468.0M $734.0M
YoY Change 1.52% 51.03%
Operating Profit $236.0M $279.0M
YoY Change -19.18% -43.06%
Interest Expense -$52.00M $43.00M
YoY Change -62.32% -66.14%
% of Operating Profit -22.03% 15.41%
Other Income/Expense, Net $33.00M $87.00M
YoY Change -68.87% -34.59%
Pretax Income $217.0M $409.0M
YoY Change -16.54% -45.47%
Income Tax $35.00M $106.0M
% Of Pretax Income 16.13% 25.92%
Net Earnings $164.0M $281.0M
YoY Change -21.15% -50.09%
Net Earnings / Revenue 5.17% 8.66%
Basic Earnings Per Share $0.19 $0.33
Diluted Earnings Per Share $0.19 $0.33
COMMON SHARES
Basic Shares Outstanding 853.0M 850.1M
Diluted Shares Outstanding 859.0M 859.0M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.639B $1.538B
YoY Change 0.55% -5.59%
Cash & Equivalents $1.639B $1.538B
Short-Term Investments
Other Short-Term Assets $1.279B $1.324B
YoY Change -20.21% -18.92%
Inventory $2.655B $2.757B
Prepaid Expenses
Receivables $1.725B $1.674B
Other Receivables $0.00 $0.00
Total Short-Term Assets $7.298B $7.293B
YoY Change -6.48% -7.48%
LONG-TERM ASSETS
Property, Plant & Equipment $14.41B $14.68B
YoY Change -1.63% -4.36%
Goodwill $2.372B $2.382B
YoY Change 0.17% -0.29%
Intangibles $938.0M $972.0M
YoY Change -10.58% -10.66%
Long-Term Investments
YoY Change
Other Assets $2.226B $3.317B
YoY Change 18.97% 63.72%
Total Long-Term Assets $20.98B $21.35B
YoY Change 0.23% -2.21%
TOTAL ASSETS
Total Short-Term Assets $7.298B $7.293B
Total Long-Term Assets $20.98B $21.35B
Total Assets $28.28B $28.65B
YoY Change -1.59% -3.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.459B $1.519B
YoY Change -19.3% -21.46%
Accrued Expenses $2.529B $563.0M
YoY Change -19.74% -83.8%
Deferred Revenue $162.0M $151.0M
YoY Change -2.41% -20.53%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $297.0M $187.0M
YoY Change 42.79% 54.55%
Total Short-Term Liabilities $4.285B $4.411B
YoY Change -17.07% -20.24%
LONG-TERM LIABILITIES
Long-Term Debt $7.210B $7.437B
YoY Change 10.5% 11.38%
Other Long-Term Liabilities $4.633B $4.870B
YoY Change -5.64% -1.44%
Total Long-Term Liabilities $4.633B $12.31B
YoY Change -5.64% 149.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.285B $4.411B
Total Long-Term Liabilities $4.633B $12.31B
Total Liabilities $16.53B $17.23B
YoY Change -3.8% -2.84%
SHAREHOLDERS EQUITY
Retained Earnings $16.67B $16.51B
YoY Change -2.18% -1.95%
Common Stock $17.79B $17.73B
YoY Change 1.33% 1.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.43B $11.41B
YoY Change
Total Liabilities & Shareholders Equity $28.28B $28.65B
YoY Change -1.59% -3.61%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $164.0M $281.0M
YoY Change -21.15% -50.09%
Depreciation, Depletion And Amortization $340.0M $343.0M
YoY Change -5.03% -8.53%
Cash From Operating Activities $722.0M $619.0M
YoY Change 2.27% -18.34%
INVESTING ACTIVITIES
Capital Expenditures $341.0M $388.0M
YoY Change -173.33% -209.92%
Acquisitions
YoY Change
Other Investing Activities $86.00M $101.0M
YoY Change 36.51% 57.81%
Cash From Investing Activities -$255.0M -$287.0M
YoY Change -36.57% -0.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -356.0M 84.00M
YoY Change 41.27% -110.46%
NET CHANGE
Cash From Operating Activities 722.0M 619.0M
Cash From Investing Activities -255.0M -287.0M
Cash From Financing Activities -356.0M 84.00M
Net Change In Cash 111.0M 416.0M
YoY Change 113.46% -224.55%
FREE CASH FLOW
Cash From Operating Activities $722.0M $619.0M
Capital Expenditures $341.0M $388.0M
Free Cash Flow $381.0M $231.0M
YoY Change -67.46% -79.21%

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191000000 usd
CY2023Q2 us-gaap Aoci Loss Cash Flow Hedge Cumulative Gain Loss After Tax
AociLossCashFlowHedgeCumulativeGainLossAfterTax
76000000 usd
CY2022Q4 us-gaap Aoci Loss Cash Flow Hedge Cumulative Gain Loss After Tax
AociLossCashFlowHedgeCumulativeGainLossAfterTax
19000000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
42000000 usd
CY2022Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
-14000000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
74000000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
20000000 usd
CY2023Q2 glw Other Current Assets Fair Value Disclosure
OtherCurrentAssetsFairValueDisclosure
649000000 usd
CY2022Q4 glw Other Current Assets Fair Value Disclosure
OtherCurrentAssetsFairValueDisclosure
505000000 usd
CY2023Q2 us-gaap Other Assets Fair Value Disclosure
OtherAssetsFairValueDisclosure
295000000 usd
CY2022Q4 us-gaap Other Assets Fair Value Disclosure
OtherAssetsFairValueDisclosure
225000000 usd
CY2023Q2 us-gaap Accrued Liabilities Fair Value Disclosure
AccruedLiabilitiesFairValueDisclosure
164000000 usd
CY2022Q4 us-gaap Accrued Liabilities Fair Value Disclosure
AccruedLiabilitiesFairValueDisclosure
174000000 usd
CY2023Q2 us-gaap Other Liabilities Fair Value Disclosure
OtherLiabilitiesFairValueDisclosure
71000000 usd
CY2022Q4 us-gaap Other Liabilities Fair Value Disclosure
OtherLiabilitiesFairValueDisclosure
34000000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
59000000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
111000000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
51000000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
93000000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9665000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
22.92
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1782000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
19.67
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
46000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
19.65
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7837000
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
23.67
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y5M23D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
89074000 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
7837000
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
23.67
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y5M23D
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
89074000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
5 pure
CY2023Q2 us-gaap Revenues
Revenues
3243000000 usd
CY2022Q2 us-gaap Revenues
Revenues
3615000000 usd
us-gaap Revenues
Revenues
6421000000 usd
us-gaap Revenues
Revenues
7295000000 usd

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ex_515126.htm Edgar Link pending
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