$26.5 B

GLW Mkt cap, 16-Aug-2018

$5.2 B

Corning Revenue Q2, 2018
Corning Gross profit (Q2, 2018)2 B
Corning Gross profit margin (Q2, 2018), %38.6%
Corning EBIT (Q2, 2018)589 M
Corning Cash, 30-Jun-20182 B
Corning EV29.6 B

Corning Revenue

Corning revenue was $9.39 b in FY, 2016 which is a 3.1% year over year increase from the previous period.

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Corning Revenue Breakdown

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Corning revenue breakdown by business segment: 9.0% from Life Sciences, 12.2% from Specialty Materials, 11.6% from Environmental Technologies, 32.7% from Optical Communications, 33.9% from Display Technologies and 0.7% from Other

Corning Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Revenue

7.8 b9.7 b9.1 b9.4 b

Revenue growth, %

24%(6%)3%

Cost of goods sold

4.5 b5.7 b5.5 b5.6 b

Gross profit

3.3 b4.1 b3.7 b3.7 b

Gross profit Margin, %

43%42%40%40%

General and administrative expense

1.5 b

Operating expense total

1.5 b

EBIT

1.4 b1.9 b1.3 b1.4 b

EBIT margin, %

18%20%15%15%

Interest expense

120 m123 m140 m159 m

Interest income

8 m26 m21 m32 m

Pre tax profit

2.5 b3.6 b1.5 b3.7 b

Income tax expense

512 m1.1 b147 m

Net Income

2 b2.5 b1.3 b3.7 b

Quarterly

USDQ2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q2, 2018

Revenue

2.3 b2.3 b2 b2.4 b2.5 b2.4 b2.5 b2.6 b5.2 b

Cost of goods sold

1.4 b1.4 b1.3 b1.4 b1.5 b1.4 b1.5 b1.6 b3.2 b

Gross profit

975 m892 m764 m951 m1 b957 m985 m1.1 b2 b

Gross profit Margin, %

42%39%37%40%42%40%39%41%39%

General and administrative expense

337 m307 m303 m499 m302 m316 m379 m372 m913 m

Operating expense total

337 m307 m303 m499 m302 m316 m379 m372 m913 m

Depreciation and amortization

41 m

EBIT

431 m392 m177 m247 m535 m424 m381 m453 m589 m

EBIT margin, %

18%17%9%10%21%18%15%17%11%

Interest expense

33 m38 m41 m40 m41 m37 m38 m37 m95 m

Interest income

5 m6 m6 m6 m9 m12 m11 m10 m22 m

Pre tax profit

606 m218 m(672 m)1.7 b257 m20 m592 m479 m399 m

Income tax expense

(110 m)(6 m)27 m66 m(153 m)(89 m)(250 m)

Net Income

470 m1.5 b407 m903 m1.1 b(368 m)1.8 b2.1 b86 m

Corning Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

4.7 b5.3 b4.5 b5.3 b4.3 b

Inventories

1.3 b1.3 b1.4 b1.5 b

Current Assets

8.9 b10.2 b8.3 b9 b8.8 b

Total Assets

28.5 b30.1 b28.5 b27.9 b27.5 b

Accounts Payable

771 m997 m934 m1.1 b1.4 b

Short-term debt

21 m36 m572 m256 m

Current Liabilities

1.7 b2.3 b2.8 b2.8 b3.2 b

Long-term debt

3.3 b3.2 b3.9 b3.6 b4.7 b

Total Debt

3.3 b3.3 b4.5 b3.9 b4.7 b

Total Liabilities

9.9 b11.7 b

Additional Paid-in Capital

13.1 b13.5 b13.4 b13.7 b

Retained Earnings

11.3 b13 b13.8 b16.9 b15.9 b

Total Equity

21.2 b21.7 b18.9 b18 b15.8 b

Debt to Equity Ratio

0.2 x0.2 x0.2 x0.2 x

Debt to Assets Ratio

0.1 x0.1 x0.2 x0.1 x

Financial Leverage

1.3 x1.4 x1.5 x1.6 x1.7 x

Quarterly

USDQ2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Cash

5 b4.4 b3.5 b7.1 b4.8 b4.8 b4.2 b3.9 b3.1 b2 b

Current Assets

9.9 b9.3 b7.2 b10.7 b8.5 b8.7 b8.4 b8.3 b7.7 b6.5 b

Total Assets

29.9 b28.9 b27.9 b30.7 b28.8 b28.3 b27.8 b28.1 b26.8 b26.1 b

Accounts Payable

930 m909 m836 m938 m933 m1 b1.1 b1.2 b1.2 b1.1 b

Short-term debt

102 m101 m

Current Liabilities

2 b2 b2.6 b2.4 b2.3 b2.4 b2.8 b3.1 b3 b2.9 b

Long-term debt

3.9 b3.9 b3.9 b3.9 b3.9 b3.7 b3.3 b4 b4.8 b5.1 b

Total Debt

4 b4 b3.9 b3.9 b3.9 b3.7 b3.3 b4 b4.8 b5.1 b

Total Liabilities

8.8 b8.8 b10 b11 b11 b9.9 b9.8 b10.7 b12.3 b12.2 b

Retained Earnings

13.7 b13.8 b13.3 b15.3 b15.5 b17 b17.3 b17.5 b15.2 b15.7 b

Total Equity

21.1 b20.1 b18 b19.7 b17.8 b18.4 b18.1 b17.4 b14.5 b14 b

Financial Leverage

1.4 x1.4 x1.6 x1.6 x1.6 x1.5 x1.5 x1.6 x1.9 x1.9 x

Corning Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

2 b2.5 b1.3 b3.7 b(497 m)

Depreciation and Amortization

64 m1.1 b

Accounts Receivable

(29 m)(16 m)162 m(106 m)(225 m)

Inventories

(247 m)2 m(77 m)(68 m)(170 m)

Accounts Payable

(23 m)(3 m)(146 m)243 m169 m

Cash From Operating Activities

2.8 b4.7 b2.8 b2.5 b2 b

Cash From Investing Activities

(1 b)(962 m)(685 m)3.7 b(1.7 b)

Dividends Paid

(566 m)(591 m)(679 m)(645 m)(651 m)

Cash From Financing Activities

(2.1 b)(2.6 b)(2.6 b)(5.3 b)(1.6 b)

Free Cash Flow

3.8 b5.8 b4.1 b1.4 b200 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Net Income

1.5 b301 m470 m1.5 b407 m903 m1.1 b(368 m)1.8 b2.1 b86 m525 m915 m(589 m)149 m

Depreciation and Amortization

730 m289 m583 m877 m279 m562 m842 m281 m561 m844 m260 m523 m799 m304 m604 m

Accounts Receivable

(139 m)21 m(11 m)(63 m)35 m(25 m)52 m21 m(103 m)(184 m)(54 m)(98 m)(190 m)94 m(41 m)

Inventories

(238 m)(3 m)13 m27 m(1 m)(54 m)(60 m)(42 m)(66 m)(69 m)(49 m)(110 m)(166 m)(98 m)(193 m)

Accounts Payable

(278 m)(413 m)(384 m)(339 m)(314 m)(191 m)(294 m)(293 m)(115 m)14 m(230 m)(317 m)(123 m)(162 m)(146 m)

Cash From Operating Activities

1.5 b1.7 b2.5 b3.6 b601 m1.1 b1.8 b(83 m)443 m1.1 b191 m471 m1.1 b320 m1 b

Cash From Investing Activities

(575 m)(301 m)(583 m)(753 m)(713 m)(623 m)(822 m)(76 m)4.2 b4 b(326 m)(634 m)(1.2 b)(644 m)(1.8 b)

Dividends Paid

(426 m)(136 m)(287 m)(439 m)(177 m)(350 m)(519 m)(173 m)(340 m)(493 m)(168 m)(333 m)(493 m)(177 m)(348 m)

Cash From Financing Activities

(1.3 b)(574 m)(609 m)(1.6 b)(913 m)(2.1 b)(4.9 b)(388 m)(1.1 b)(1.6 b)(959 m)(1.6 b)

Free Cash Flow

821 m1.5 b2 b2.9 b268 m507 m906 m(353 m)(90 m)280 m(173 m)(290 m)(131 m)(335 m)(142 m)

Corning Ratios

USDY, 2018

EV/EBIT

50.2 x

EV/CFO

28.6 x

EV/FCF

-208.3 x

Financial Leverage

1.9 x
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Corning Operating Metrics

FY, 2014FY, 2015FY, 2016

Patent Applications

7 k9.17 k10.50 k

Patents (US)

3.30 k3.25 k5.82 k

Patents (foreign)

4.70 k4.50 k5.82 k
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