$GLW
CORNING INC /NY

2024 Q3 Form 10-Q Financial Statement

#000143774924024494 Filed on August 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $3.391B $3.251B
YoY Change 6.87% 0.25%
Cost Of Revenue $2.254B $2.302B
YoY Change 3.92% 3.23%
Gross Profit $1.137B $949.0M
YoY Change 13.25% -6.32%
Gross Profit Margin 33.53% 29.19%
Selling, General & Admin $510.0M $471.0M
YoY Change 8.97% 7.05%
% of Gross Profit 44.85% 49.63%
Research & Development $294.0M $262.0M
YoY Change 8.89% -0.38%
% of Gross Profit 25.86% 27.61%
Depreciation & Amortization $341.0M $337.0M
YoY Change 0.29% -1.75%
% of Gross Profit 29.99% 35.51%
Operating Expenses $835.0M $763.0M
YoY Change 78.42% 3.95%
Operating Profit $302.0M $186.0M
YoY Change 27.97% -33.33%
Interest Expense -$228.0M -$47.00M
YoY Change 338.46% -209.3%
% of Operating Profit -75.5% -25.27%
Other Income/Expense, Net -$166.0M $33.00M
YoY Change -603.03% -62.07%
Pretax Income -$92.00M $172.0M
YoY Change -142.4% -57.95%
Income Tax $3.000M $50.00M
% Of Pretax Income 29.07%
Net Earnings -$117.0M $104.0M
YoY Change -171.34% -62.99%
Net Earnings / Revenue -3.45% 3.2%
Basic Earnings Per Share -$0.14 $0.12
Diluted Earnings Per Share -$0.14 $0.12
COMMON SHARES
Basic Shares Outstanding 855.7M 856.6M
Diluted Shares Outstanding 854.0M 864.0M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.613B $1.419B
YoY Change -1.59% -7.74%
Cash & Equivalents $1.613B $1.419B
Short-Term Investments
Other Short-Term Assets $1.284B $1.299B
YoY Change 0.39% -1.89%
Inventory $2.793B $2.682B
Prepaid Expenses
Receivables $1.986B $1.721B
Other Receivables $0.00 $0.00
Total Short-Term Assets $7.676B $7.121B
YoY Change 5.18% -2.36%
LONG-TERM ASSETS
Property, Plant & Equipment $14.06B $13.74B
YoY Change -2.42% -6.4%
Goodwill $2.390B $2.365B
YoY Change 0.76% -0.71%
Intangibles $814.0M $836.0M
YoY Change -13.22% -13.99%
Long-Term Investments
YoY Change
Other Assets $3.383B $3.115B
YoY Change 51.98% -6.09%
Total Long-Term Assets $20.65B $20.06B
YoY Change -1.59% -6.06%
TOTAL ASSETS
Total Short-Term Assets $7.676B $7.121B
Total Long-Term Assets $20.65B $20.06B
Total Assets $28.32B $27.18B
YoY Change 0.16% -5.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.565B $1.466B
YoY Change 7.27% -3.49%
Accrued Expenses $2.737B $2.684B
YoY Change 8.22% 376.73%
Deferred Revenue $179.0M $178.0M
YoY Change 10.49% 17.88%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $335.0M $376.0M
YoY Change 12.79% 101.07%
Total Short-Term Liabilities $4.637B $4.526B
YoY Change 8.21% 2.61%
LONG-TERM LIABILITIES
Long-Term Debt $7.073B $6.908B
YoY Change -1.9% -7.11%
Other Long-Term Liabilities $5.145B $4.818B
YoY Change 11.05% -1.07%
Total Long-Term Liabilities $12.22B $11.73B
YoY Change 163.72% -4.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.637B $4.526B
Total Long-Term Liabilities $12.22B $11.73B
Total Liabilities $17.22B $16.59B
YoY Change 4.14% -3.71%
SHAREHOLDERS EQUITY
Retained Earnings $15.86B $15.98B
YoY Change -4.88% -3.23%
Common Stock $18.10B $18.00B
YoY Change 1.71% 1.51%
Preferred Stock
YoY Change
Treasury Stock (at cost) $20.85B $20.80B
YoY Change
Treasury Stock Shares
Shareholders Equity $11.10B $10.59B
YoY Change
Total Liabilities & Shareholders Equity $28.32B $27.18B
YoY Change 0.16% -5.12%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$117.0M $104.0M
YoY Change -171.34% -62.99%
Depreciation, Depletion And Amortization $341.0M $337.0M
YoY Change 0.29% -1.75%
Cash From Operating Activities $699.0M $521.0M
YoY Change -3.19% -15.83%
INVESTING ACTIVITIES
Capital Expenditures $217.0M $242.0M
YoY Change -36.36% -37.63%
Acquisitions
YoY Change
Other Investing Activities $18.00M $88.00M
YoY Change -79.07% -12.87%
Cash From Investing Activities -$199.0M -$154.0M
YoY Change -21.96% -46.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -332.0M -304.0M
YoY Change -6.74% -461.9%
NET CHANGE
Cash From Operating Activities 699.0M 521.0M
Cash From Investing Activities -199.0M -154.0M
Cash From Financing Activities -332.0M -304.0M
Net Change In Cash 168.0M 63.00M
YoY Change 51.35% -84.86%
FREE CASH FLOW
Cash From Operating Activities $699.0M $521.0M
Capital Expenditures $217.0M $242.0M
Free Cash Flow $482.0M $279.0M
YoY Change 26.51% 20.78%

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CY2024Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
-24000000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
42000000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
9000000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
74000000 usd
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
66000000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
126000000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
59000000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
111000000 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7499000
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
23.82
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1537000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
22.05
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
5000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
20.19
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5957000
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
24.28
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y7M20D
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
86768000 usd
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
5957000
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
24.28
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y7M20D
CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
86768000 usd
CY2024Q2 us-gaap Revenues
Revenues
3251000000 usd
CY2023Q2 us-gaap Revenues
Revenues
3243000000 usd
us-gaap Revenues
Revenues
6226000000 usd
us-gaap Revenues
Revenues
6421000000 usd

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