Corning (GLW) FY2014 results: revenue $9.7 billion, up 24.2% on the year
Corning Inc. (GLW) reported revenue of $9.7 billion for fiscal 2014, the year ended 31 December 2014, up 24.2% on the year before. Net income was $2.5 billion, up 26.1%, and diluted earnings per share $1.73. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2015.
Revenue
$9.7 billion
+24.2% on the year
FY2007FY2014
Operating margin
19.9%
17.5% a year earlier
FY2007FY2014
Net income
$2.5 billion
+26.1% on the year
FY2007FY2014
Diluted EPS
$1.73
+29.1% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
9,715
7,819
8,012
+24.2%
Cost of revenue
5,663
4,495
4,693
+26.0%
Gross profit
4,052
3,324
3,319
+21.9%
Gross margin
41.7%
42.5%
41.4%
Research and development
701
613
651
+14.4%
Selling, general and administrative
1,202
1,126
1,205
+6.7%
Operating income
1,931
1,371
1,179
+40.8%
Operating margin
19.9%
17.5%
14.7%
Income tax
1,096
512
339
+114.1%
Net income
2,472
1,961
1,636
+26.1%
Net margin
25.4%
25.1%
20.4%
Diluted EPS
$1.73
$1.34
$1.09
+29.1%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
4,709
2,787
3,206
+69.0%
Capital expenditure
1,076
1,019
1,801
+5.6%
Free cash flow
3,633
1,768
1,405
+105.5%
Free cash flow margin
37.4%
22.6%
17.5%
Cash from investing
-962
-1,004
-2,628
Cash from financing
-2,586
-2,063
-115
Depreciation and amortisation
1,200
1,002
997
+19.8%
Share-based compensation
58.0
54.0
70.0
+7.4%
Buybacks
2,483
1,516
720
+63.8%
Dividends paid
591
566
472
+4.4%
Dividend per share
$0.52
$0.39
$0.32
+33.3%
Diluted shares, weighted
1,427m
1,462m
1,506m
-2.4%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
21,579
21,162
21,486
+2.0%
Non-controlling interest
73.0
49.0
47.0
+49.0%
Debt
3,263
3,293
3,458
-0.9%
Other liabilities
5,148
3,974
4,384
+29.5%
Total liabilities and equity
30,063
28,478
29,375
+5.6%
Fixed assets
12,766
9,801
10,625
+30.3%
Goodwill
1,150
1,002
974
+14.8%
Intangible assets
497
540
522
-8.0%
Investments
759
531
1,156
+42.9%
Cash and equivalents
5,309
4,704
4,988
+12.9%
Receivables
1,501
1,253
1,302
+19.8%
Inventory
1,322
1,270
1,051
+4.1%
Other assets
6,759
9,377
8,757
-27.9%
Total assets
30,063
28,478
29,375
+5.6%
10-K for the year ended 31 December 2014, filed 13 February 2015: the filing.