Corning (GLW) FY2018 results: revenue $11.3 billion, up 11.6% on the year
Corning Inc. (GLW) reported revenue of $11.3 billion for fiscal 2018, the year ended 31 December 2018, up 11.6% on the year before. Net income was $1.1 billion, and diluted earnings per share $1.13. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2019.
Revenue
$11.3 billion
+11.6% on the year
FY2011FY2018
Operating margin
14.0%
15.9% a year earlier
FY2011FY2018
Net income
$1.1 billion
FY2011FY2018
Diluted EPS
$1.13
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
11,290
10,116
9,390
+11.6%
Cost of revenue
6,829
6,084
5,627
+12.2%
Gross profit
4,461
4,020
3,763
+11.0%
Gross margin
39.5%
39.7%
40.1%
Research and development
807
689
637
+17.1%
Selling, general and administrative
1,799
1,473
1,462
+22.1%
Operating income
1,575
1,608
1,424
-2.1%
Operating margin
14.0%
15.9%
15.2%
Pre-tax income
1,503
1,657
3,692
-9.3%
Income tax
437
2,154
-3.0
-79.7%
Effective tax rate
29.1%
130.0%
-0.1%
Net income
1,066
-497
3,695
Net margin
9.4%
-4.9%
39.4%
Diluted EPS
$1.13
-$0.66
$3.23
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
2,919
2,004
2,537
+45.7%
Capital expenditure
2,242
1,804
1,130
+24.3%
Free cash flow
677
200
1,407
+238.5%
Free cash flow margin
6.0%
2.0%
15.0%
Cash from investing
-2,887
-1,710
3,662
Cash from financing
-1,995
-1,624
-5,322
Depreciation and amortisation
1,293
1,158
1,195
+11.7%
Share-based compensation
51.0
46.0
42.0
+10.9%
Buybacks
2,227
2,452
4,227
-9.2%
Dividends paid
685
651
645
+5.2%
Dividend per share
$0.72
$0.62
$0.54
+16.1%
Diluted shares, weighted
941m
895m
1,144m
+5.1%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
13,792
15,698
17,893
-12.1%
Non-controlling interest
94.0
72.0
67.0
+30.6%
Debt
5,994
5,128
3,902
+16.9%
Other liabilities
7,625
6,596
6,037
+15.6%
Total liabilities and equity
27,505
27,494
27,899
+0.0%
Fixed assets
14,895
14,017
12,546
+6.3%
Goodwill
1,936
1,694
1,577
+14.3%
Intangible assets
1,292
869
796
+48.7%
Investments
16.0
n/a
29.0
Cash and equivalents
2,355
4,317
5,291
-45.4%
Receivables
1,940
1,807
1,481
+7.4%
Inventory
2,037
1,712
1,471
+19.0%
Other assets
3,034
3,078
4,708
-1.4%
Total assets
27,505
27,494
27,899
+0.0%
10-K for the year ended 31 December 2018, filed 12 February 2019: the filing.