Corning (GLW) FY2012 results: revenue $8.0 billion, up 1.5% on the year
Corning Inc. (GLW) reported revenue of $8.0 billion for fiscal 2012, the year ended 31 December 2012, up 1.5% on the year before. Net income was $1.6 billion, down 41.9%, and diluted earnings per share $1.09. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2013.
Revenue
$8.0 billion
+1.5% on the year
FY2007FY2012
Operating margin
14.7%
21.7% a year earlier
FY2007FY2012
Net income
$1.6 billion
-41.9% on the year
FY2007FY2012
Diluted EPS
$1.09
-38.8% on the year
FY2007FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
8,012
7,890
6,632
+1.5%
Cost of revenue
4,693
4,314
3,583
+8.8%
Gross profit
3,319
3,576
3,049
-7.2%
Gross margin
41.4%
45.3%
46.0%
Research and development
651
561
491
+16.0%
Selling, general and administrative
1,205
1,028
1,015
+17.2%
Operating income
1,179
1,712
1,801
-31.1%
Operating margin
14.7%
21.7%
27.2%
Income tax
339
414
287
-18.1%
Net income
1,636
2,817
3,558
-41.9%
Net margin
20.4%
35.7%
53.6%
Diluted EPS
$1.09
$1.78
$2.25
-38.8%
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
3,206
3,189
3,835
+0.5%
Capital expenditure
1,801
2,432
1,007
-25.9%
Free cash flow
1,405
757
2,828
+85.6%
Free cash flow margin
17.5%
9.6%
42.6%
Cash from investing
-2,628
-2,056
-1,769
Cash from financing
-115
-980
-2.0
Depreciation and amortisation
997
957
854
+4.2%
Share-based compensation
70.0
86.0
92.0
-18.6%
Buybacks
720
780
n/a
-7.7%
Dividends paid
472
354
313
+33.3%
Dividend per share
$0.32
$0.23
$0.20
+39.1%
Diluted shares, weighted
1,506m
1,583m
1,581m
-4.9%
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
21,486
21,078
19,375
+1.9%
Non-controlling interest
47.0
51.0
51.0
-7.8%
Debt
3,458
2,391
2,319
+44.6%
Other liabilities
4,384
4,328
4,088
+1.3%
Total liabilities and equity
29,375
27,848
25,833
+5.5%
Fixed assets
10,625
10,671
8,943
-0.4%
Goodwill
974
664
537
+46.7%
Intangible assets
522
262
179
+99.2%
Investments
1,156
1,164
1,752
-0.7%
Cash and equivalents
4,988
4,661
4,598
+7.0%
Receivables
1,302
1,082
973
+20.3%
Inventory
1,051
975
738
+7.8%
Other assets
8,757
8,369
8,113
+4.6%
Total assets
29,375
27,848
25,833
+5.5%
10-K for the year ended 31 December 2012, filed 13 February 2013: the filing.