Corning (GLW) FY2013 results: revenue $7.8 billion, down 2.4% on the year
Corning Inc. (GLW) reported revenue of $7.8 billion for fiscal 2013, the year ended 31 December 2013, down 2.4% on the year before. Net income was $2.0 billion, up 19.9%, and diluted earnings per share $1.34. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2014.
Revenue
$7.8 billion
-2.4% on the year
FY2007FY2013
Operating margin
17.5%
14.7% a year earlier
FY2007FY2013
Net income
$2.0 billion
+19.9% on the year
FY2007FY2013
Diluted EPS
$1.34
+22.9% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
7,819
8,012
7,890
-2.4%
Cost of revenue
4,495
4,693
4,314
-4.2%
Gross profit
3,324
3,319
3,576
+0.2%
Gross margin
42.5%
41.4%
45.3%
Research and development
613
651
561
-5.8%
Selling, general and administrative
1,126
1,205
1,028
-6.6%
Operating income
1,371
1,179
1,712
+16.3%
Operating margin
17.5%
14.7%
21.7%
Income tax
512
339
414
+51.0%
Net income
1,961
1,636
2,817
+19.9%
Net margin
25.1%
20.4%
35.7%
Diluted EPS
$1.34
$1.09
$1.78
+22.9%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
2,787
3,206
3,189
-13.1%
Capital expenditure
1,019
1,801
2,432
-43.4%
Free cash flow
1,768
1,405
757
+25.8%
Free cash flow margin
22.6%
17.5%
9.6%
Cash from investing
-1,004
-2,628
-2,056
Cash from financing
-2,063
-115
-980
Depreciation and amortisation
1,002
997
957
+0.5%
Share-based compensation
54.0
70.0
86.0
-22.9%
Buybacks
1,516
720
780
+110.6%
Dividends paid
566
472
354
+19.9%
Dividend per share
$0.39
$0.32
$0.23
+21.9%
Diluted shares, weighted
1,462m
1,506m
1,583m
-2.9%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
21,162
21,486
21,078
-1.5%
Non-controlling interest
49.0
47.0
51.0
+4.3%
Debt
3,293
3,458
2,391
-4.8%
Other liabilities
3,974
4,384
4,328
-9.4%
Total liabilities and equity
28,478
29,375
27,848
-3.1%
Fixed assets
9,801
10,625
10,671
-7.8%
Goodwill
1,002
974
664
+2.9%
Intangible assets
540
522
262
+3.4%
Investments
531
1,156
1,164
-54.1%
Cash and equivalents
4,704
4,988
4,661
-5.7%
Receivables
1,253
1,302
1,082
-3.8%
Inventory
1,270
1,051
975
+20.8%
Other assets
9,377
8,757
8,369
+7.1%
Total assets
28,478
29,375
27,848
-3.1%
10-K for the year ended 31 December 2013, filed 10 February 2014: the filing.