Corning (GLW) FY2011 results: revenue $7.9 billion, up 19.0% on the year
Corning Inc. (GLW) reported revenue of $7.9 billion for fiscal 2011, the year ended 31 December 2011, up 19.0% on the year before. Net income was $2.8 billion, down 20.8%, and diluted earnings per share $1.78. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2012.
Revenue
$7.9 billion
+19.0% on the year
FY2007FY2011
Operating margin
21.7%
27.2% a year earlier
FY2007FY2011
Net income
$2.8 billion
-20.8% on the year
FY2007FY2011
Diluted EPS
$1.78
-20.9% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
7,890
6,632
5,395
+19.0%
Cost of revenue
4,314
3,583
3,302
+20.4%
Gross profit
3,576
3,049
2,093
+17.3%
Gross margin
45.3%
46.0%
38.8%
Research and development
561
491
465
+14.3%
Selling, general and administrative
1,028
1,015
881
+1.3%
Operating income
1,712
1,801
391
-4.9%
Operating margin
21.7%
27.2%
7.2%
Income tax
414
287
-74.0
+44.3%
Net income
2,817
3,558
2,008
-20.8%
Net margin
35.7%
53.6%
37.2%
Diluted EPS
$1.78
$2.25
$1.28
-20.9%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
3,189
3,835
2,077
-16.8%
Capital expenditure
2,432
1,007
890
+141.5%
Free cash flow
757
2,828
1,187
-73.2%
Free cash flow margin
9.6%
42.6%
22.0%
Cash from investing
-2,056
-1,769
-1,370
Cash from financing
-980
-2.0
-15.0
Depreciation and amortisation
957
854
792
+12.1%
Share-based compensation
86.0
92.0
127
-6.5%
Buybacks
780
n/a
0.0
Dividends paid
354
313
312
+13.1%
Dividend per share
$0.23
$0.20
$0.20
+15.0%
Diluted shares, weighted
1,583m
1,581m
1,568m
+0.1%
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
21,078
19,375
15,543
+8.8%
Non-controlling interest
51.0
51.0
52.0
0.0%
Debt
2,391
2,319
2,004
+3.1%
Other liabilities
4,328
4,088
3,696
+5.9%
Total liabilities and equity
27,848
25,833
21,295
+7.8%
Fixed assets
10,671
8,943
7,995
+19.3%
Goodwill
664
537
509
+23.6%
Intangible assets
262
179
167
+46.4%
Investments
1,164
1,752
1,042
-33.6%
Cash and equivalents
4,661
4,598
2,541
+1.4%
Receivables
1,082
973
753
+11.2%
Inventory
975
738
579
+32.1%
Other assets
8,369
8,113
7,709
+3.2%
Total assets
27,848
25,833
21,295
+7.8%
10-K for the year ended 31 December 2011, filed 13 February 2012: the filing.