Corning (GLW) FY2017 results: revenue $10.1 billion, up 7.7% on the year
Corning Inc. (GLW) reported revenue of $10.1 billion for fiscal 2017, the year ended 31 December 2017, up 7.7% on the year before. Net income was -$497 million, and diluted earnings per share $-0.66. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2019.
Revenue
$10.1 billion
+7.7% on the year
FY2010FY2017
Operating margin
15.9%
15.2% a year earlier
FY2010FY2017
Net income
-$497 million
FY2010FY2017
Diluted EPS
-$0.66
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
10,116
9,390
9,111
+7.7%
Cost of revenue
6,084
5,627
5,458
+8.1%
Gross profit
4,020
3,763
3,653
+6.8%
Gross margin
39.7%
40.1%
40.1%
Research and development
689
637
638
+8.2%
Selling, general and administrative
1,473
1,462
1,508
+0.8%
Operating income
1,608
1,424
1,322
+12.9%
Operating margin
15.9%
15.2%
14.5%
Pre-tax income
1,657
3,692
1,486
-55.1%
Income tax
2,154
-3.0
147
Effective tax rate
130.0%
-0.1%
9.9%
Net income
-497
3,695
1,339
Net margin
-4.9%
39.4%
14.7%
Diluted EPS
-$0.66
$3.23
$1.00
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
2,004
2,537
2,829
-21.0%
Capital expenditure
1,804
1,130
1,250
+59.6%
Free cash flow
200
1,407
1,579
-85.8%
Free cash flow margin
2.0%
15.0%
17.3%
Cash from investing
-1,710
3,662
-685
Cash from financing
-1,624
-5,322
-2,623
Depreciation and amortisation
1,158
1,195
1,184
-3.1%
Share-based compensation
46.0
42.0
46.0
+9.5%
Buybacks
2,452
4,227
3,228
-42.0%
Dividends paid
651
645
679
+0.9%
Dividend per share
$0.62
$0.54
$0.36
+14.8%
Diluted shares, weighted
895m
1,144m
1,343m
-21.8%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
15,698
17,893
18,788
-12.3%
Non-controlling interest
72.0
67.0
75.0
+7.5%
Debt
5,128
3,902
4,462
+31.4%
Other liabilities
6,596
6,037
5,222
+9.3%
Total liabilities and equity
27,494
27,899
28,547
-1.5%
Fixed assets
14,017
12,546
12,648
+11.7%
Goodwill
1,694
1,577
1,380
+7.4%
Intangible assets
869
796
706
+9.2%
Investments
n/a
29.0
133
Cash and equivalents
4,317
5,291
4,500
-18.4%
Receivables
1,807
1,481
1,372
+22.0%
Inventory
1,712
1,471
1,385
+16.4%
Other assets
3,078
4,708
6,423
-34.6%
Total assets
27,494
27,899
28,547
-1.5%
10-K for the year ended 31 December 2017, filed 12 February 2019: the filing.