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Corning (GLW) Q2 FY2022 earnings: revenue $3.6 billion, up 3.3% on the year

Corning Inc. (GLW) reported revenue of $3.6 billion for Q2 FY2022, the quarter ended 30 June 2022, up 3.3% on the same quarter a year earlier. Net income was $563 million, up 25.4% on the year, and diluted earnings per share $0.66. The figures are the company's own, from the 10-Q it filed with the SEC on 29 July 2022.

Revenue$3.6 billionup 3.3%
Net income$563 millionup 25.4%
Diluted EPS$0.66
QuarterQ2 FY2022ended 30 June 2022

The quarter, against the one before and a year earlier

LineQ2 FY2022Q1 FY2022A year earlierChange on the year
Revenue3,6153,680n/an/a
Cost of revenue2,3692,397n/an/a
Gross profit1,2461,283n/an/a
Gross margin34.5%34.9%n/a
Selling, general and administrative486434n/an/a
Operating income490570n/an/a
Operating margin13.6%15.5%n/a
Pre-tax income750783n/an/a
Income tax166180n/an/a
Effective tax rate22.1%23.0%n/a
Net income563581n/an/a
Net margin15.6%15.8%n/a
Diluted EPS$0.66$0.68n/an/a
$ 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

LineQ2 FY2022Q1 FY2022A year earlierChange on the year
Operating cash flow758534n/an/a
Capital expenditure353383n/an/a
Free cash flow405151n/an/a
Free cash flow margin11.2%4.1%n/a
Cash from investing-289-278n/an/a
Cash from financing-803-375n/an/a
Depreciation and amortisation375373n/an/a
Share-based compensation51.042.0n/an/a
Buybacks52.0149n/an/a
Dividends paid234228n/an/a
Dividend per share$0.54$0.27n/an/a
Diluted shares, weighted856m859mn/an/a
Shares outstanding at period end845m845mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ2 FY2022Q1 FY2022A year earlierChange on the year
Shareholders' equity11,73412,395n/an/a
Non-controlling interest248234n/an/a
Debt6,7986,959n/an/a
Operating lease liabilities678676n/an/a
Other liabilities10,2609,993n/an/a
Total liabilities and equity29,71830,257n/an/a
Fixed assets15,35015,780n/an/a
Goodwill2,3892,408n/an/a
Intangible assets1,0881,118n/an/a
Cash and equivalents1,6292,016n/an/a
Receivables1,7861,910n/an/a
Inventory2,8352,618n/an/a
Other assets4,6414,407n/an/a
Total assets29,71830,257n/an/a

Questions

What was Corning's revenue in Q2 FY2022?

Corning (GLW) reported revenue of $3.6 billion for Q2 FY2022, the quarter ended 30 June 2022, up 3.3% on the same quarter a year earlier.

How much did Corning earn in Q2 FY2022?

Net income for Q2 FY2022 was $563 million, up 25.4% on the year, and diluted earnings per share $0.66.

When did Corning report Q2 FY2022 results?

Corning filed its 10-Q for the quarter ended 30 June 2022 with the SEC on 29 July 2022.

Quarterly results, the last 20 quarters

Q3 FY2021 †Q4 FY2021 *Q1 FY2022 †Q2 FY2022Q3 FY2022Q4 FY2022 * †Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue3,6153,6763,6803,6153,4883,4063,1783,2433,1732,9942,9753,2513,3913,5013,4523,8624,1004,2154,1444,505
Cost of revenue2,2942,4052,3972,3692,4262,4912,1752,2302,1692,0831,9822,3022,2542,3042,2382,4702,5802,7202,6162,877
Gross profit1,3211,2711,2831,2461,0629151,0031,0131,0049119939491,1371,1971,2141,3921,5201,4951,5281,628
Gross margin37%35%35%34%30%27%32%31%32%30%33%29%34%34%35%36%37%35%37%36%
SG&A486476434486461517421440468514451471510499471515624512588608
Operating income55248357049029286.029727923678.0254186302393445573589672639698
Operating margin15%13%15%14%8%3%9%9%7%3%9%6%9%11%13%15%14%16%15%15%
Interest expensen/an/an/an/an/an/an/an/an/an/a83.084.083.079.082.083.078.093.092.094.0
Pre-tax income4935767837502604.0228409217-38.0296172-92.0437240584550678529649
Tax rate22%15%23%22%13%775%16%26%16%n/a24%29%n/a22%23%14%15%13%23%6%
Net income371487581563208-36.0176281164-40.0209104-117310157469430540371559
Net margin10%13%16%16%6%-1%6%9%5%-1%7%3%-3%9%5%12%10%13%9%12%
Diluted EPS$0.43$0.60$0.68$0.66$0.24-$0.04$0.20$0.33$0.19-$0.05$0.24$0.12-$0.14$0.36$0.18$0.54$0.50$0.62$0.43$0.64
Operating cash flow8951,023534758706617-49.061972271396.05216996231517087841,0523621,717
Capital expenditure401623383353465403382388341279252242217254208308334432332422
Free cash flow494400151405241214-431231381434-156279482369-57.040045062030.01,295
Buybacks21.0n/a14952.020.00.0n/an/an/an/an/an/a30.0n/a10033.025.05.0n/an/a
Dividends paid217212228234234236239256246248243252242249242261241255244251
Shares outstanding853m846m845m845m846m847m850m853m853m853m857m856m856m857m856m857m857m858m861m861m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 June 2022, filed 29 July 2022: the filing.