Corning (GLW) FY2019 results: revenue $11.5 billion, up 1.9% on the year
Corning Inc. (GLW) reported revenue of $11.5 billion for fiscal 2019, the year ended 31 December 2019, up 1.9% on the year before. Net income was $960 million, down 9.9%, and diluted earnings per share $1.07. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2020.
Revenue
$11.5 billion
+1.9% on the year
FY2012FY2019
Operating margin
11.4%
14.0% a year earlier
FY2012FY2019
Net income
$960 million
-9.9% on the year
FY2012FY2019
Diluted EPS
$1.07
-5.3% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
11,503
11,290
10,116
+1.9%
Cost of revenue
7,468
6,829
6,084
+9.4%
Gross profit
4,035
4,461
4,020
-9.5%
Gross margin
35.1%
39.5%
39.7%
Research and development
800
807
689
-0.9%
Selling, general and administrative
1,585
1,799
1,473
-11.9%
Operating income
1,306
1,575
1,608
-17.1%
Operating margin
11.4%
14.0%
15.9%
Pre-tax income
1,216
1,503
1,657
-19.1%
Income tax
256
437
2,154
-41.4%
Effective tax rate
21.1%
29.1%
130.0%
Net income
960
1,066
-497
-9.9%
Net margin
8.3%
9.4%
-4.9%
Diluted EPS
$1.07
$1.13
-$0.66
-5.3%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
2,031
2,919
2,004
-30.4%
Capital expenditure
1,978
2,242
1,804
-11.8%
Free cash flow
53.0
677
200
-92.2%
Free cash flow margin
0.5%
6.0%
2.0%
Cash from investing
-1,891
-2,887
-1,710
Cash from financing
-47.0
-1,995
-1,624
Depreciation and amortisation
1,503
1,293
1,158
+16.2%
Share-based compensation
56.0
51.0
46.0
+9.8%
Buybacks
940
2,227
2,452
-57.8%
Dividends paid
742
685
651
+8.3%
Dividend per share
$0.80
$0.72
$0.62
+11.1%
Diluted shares, weighted
899m
941m
895m
-4.5%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
12,907
13,792
15,698
-6.4%
Non-controlling interest
90.0
94.0
72.0
-4.3%
Debt
7,729
5,994
5,128
+28.9%
Operating lease liabilities
450
n/a
n/a
Finance lease liabilities
271
n/a
n/a
Other liabilities
7,451
7,625
6,596
-2.3%
Total liabilities and equity
28,898
27,505
27,494
+5.1%
Fixed assets
15,337
14,895
14,017
+3.0%
Goodwill
1,935
1,936
1,694
-0.1%
Intangible assets
1,185
1,292
869
-8.3%
Investments
n/a
16.0
n/a
Cash and equivalents
2,434
2,355
4,317
+3.4%
Receivables
1,836
1,940
1,807
-5.4%
Inventory
2,320
2,037
1,712
+13.9%
Other assets
3,851
3,034
3,078
+26.9%
Total assets
28,898
27,505
27,494
+5.1%
10-K for the year ended 31 December 2019, filed 18 February 2020: the filing.