Corning (GLW) FY2020 results: revenue $11.3 billion, down 1.7% on the year
Corning Inc. (GLW) reported revenue of $11.3 billion for fiscal 2020, the year ended 31 December 2020, down 1.7% on the year before. Net income was $512 million, down 46.7%, and diluted earnings per share $0.54. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2021.
Revenue
$11.3 billion
-1.7% on the year
FY2013FY2020
Operating margin
4.5%
11.4% a year earlier
FY2013FY2020
Net income
$512 million
-46.7% on the year
FY2013FY2020
Diluted EPS
$0.54
-49.5% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
11,303
11,503
11,290
-1.7%
Cost of revenue
7,772
7,468
6,829
+4.1%
Gross profit
3,531
4,035
4,461
-12.5%
Gross margin
31.2%
35.1%
39.5%
Research and development
1,000
800
807
+25.0%
Selling, general and administrative
1,747
1,585
1,799
+10.2%
Operating income
509
1,306
1,575
-61.0%
Operating margin
4.5%
11.4%
14.0%
Pre-tax income
634
1,216
1,503
-47.9%
Income tax
111
256
437
-56.6%
Effective tax rate
17.5%
21.1%
29.1%
Net income
512
960
1,066
-46.7%
Net margin
4.5%
8.3%
9.4%
Diluted EPS
$0.54
$1.07
$1.13
-49.5%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
2,180
2,031
2,919
+7.3%
Capital expenditure
1,377
1,978
2,242
-30.4%
Free cash flow
803
53.0
677
+1,415.1%
Free cash flow margin
7.1%
0.5%
6.0%
Cash from investing
-1,310
-1,891
-2,887
Cash from financing
-729
-47.0
-1,995
Depreciation and amortisation
1,520
1,503
1,293
+1.1%
Share-based compensation
207
56.0
51.0
+269.6%
Buybacks
105
940
2,227
-88.8%
Dividends paid
787
742
685
+6.1%
Dividend per share
$0.88
$0.80
$0.72
+10.0%
Diluted shares, weighted
772m
899m
941m
-14.1%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
13,257
12,907
13,792
+2.7%
Non-controlling interest
191
90.0
94.0
+112.2%
Debt
7,972
7,729
5,994
+3.1%
Operating lease liabilities
633
450
n/a
+40.7%
Finance lease liabilities
163
271
n/a
-39.9%
Other liabilities
8,559
7,451
7,625
+14.9%
Total liabilities and equity
30,775
28,898
27,505
+6.5%
Fixed assets
15,742
15,337
14,895
+2.6%
Goodwill
2,460
1,935
1,936
+27.1%
Intangible assets
1,308
1,185
1,292
+10.4%
Investments
435
n/a
16.0
Cash and equivalents
2,672
2,434
2,355
+9.8%
Receivables
2,133
1,836
1,940
+16.2%
Inventory
2,438
2,320
2,037
+5.1%
Other assets
3,587
3,851
3,034
-6.9%
Total assets
30,775
28,898
27,505
+6.5%
10-K for the year ended 31 December 2020, filed 12 February 2021: the filing.