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Exhibit 99
FOR RELEASE – JANUARY 26, 2022
Corning Reports Fourth-Quarter and
Full-Year 2021 Financial Results
Company delivered another quarter of year-over-year growth,
with fourth-quarter core sales of $3.7 billion and core EPS of $0.54
Full-year core sales grew 23%, surpassing $14 billion; full-year core EPS grew 49% to $2.07,
with free cash flow nearly doubling to $1.8 billion
Strong year-over-year growth expected to continue in first quarter,
with core sales of $3.5 billion to $3.7 billion and core EPS of $0.48 to $0.53
Company expects approximately $15 billion in 2022 sales and to improve profitability as
negotiated price increases in long-term contracts take effect throughout the year
CORNING, N.Y. — Corning Incorporated (NYSE: GLW) today announced fourth-quarter and full-year 2021 results and provided its outlook for first-quarter and full-year 2022.
“Corning delivered another strong quarter of year-over-year growth. For full-year 2021, we exceeded $14 billion in sales and $2 in EPS. We nearly doubled free cash flow, increased our dividend by 9%, and reduced outstanding shares by 5% through the resumption of share repurchases. By leveraging our core capabilities and ‘More Corning’ strategy, we are capturing a compelling set of short- and long-term opportunities across our portfolio,” said Wendell P. Weeks, chairman and chief executive officer.
Weeks continued, “We achieved double-digit ROIC and expanded our operating margin by 230 basis points; however, our gross margin is not where it should be. We are focused on expanding gross margin and expect improvement in 2022 as sales grow and our price actions take hold throughout the year.”
Financial Highlights:
• |
Fourth-quarter GAAP and core sales were $3.7 billion, with core sales up 12% year over year. Full-year GAAP and core sales were $14.1 billion; core sales grew 23% year over year, led by Optical Communications, Display, Life Sciences, and Hemlock Semiconductor Group. |
• |
Fourth-quarter GAAP EPS was $0.56 and core EPS was $0.54; full-year GAAP EPS was $1.28 and core EPS was $2.07. |
• |
Fourth-quarter core gross margin was 36.5%, down 180 basis points sequentially. As expected, below-normal automotive production, seasonally lower sales in Specialty Materials, and inflationary headwinds reduced profitability. In addition, Hemlock Semiconductor Group incurred temporary startup costs as it restarted polysilicon capacity to support new long-term solar contracts. Full-year core gross margin expanded 110 basis points to 37.1%. |
• |
Fourth-quarter free cash flow was $425 million; full-year free cash flow was $1.8 billion, with free cash flow conversion of 97%. |
• |
Display glass pricing is expected to be flat sequentially in the first quarter of 2022. The supply-demand balance for display glass is tight. In 2022, management expects overall glass supply to remain tight to balanced and the pricing environment to remain favorable. |
|
• | For the first quarter, Corning expects core sales to be in the range of $3.5 billion to $3.7 billion with core EPS of $0.48 to $0.53. For 2022, management expects sales of approximately $15 billion and profit to grow faster than sales; capital expenditures are expected to remain at approximately the 2021 level. |
Tony Tripeny, executive vice president and chief financial officer, said, “In 2021, we grew significantly year over year, with all segments adding sales and four out of five logging double-digit percentage increases. It was a strong year, even compared to pre-pandemic levels. Since 2019, we have grown sales by 21% and EPS by 18%. As we discussed throughout 2021, freight, logistics, and raw material costs along with lower automotive sales due to chip shortages impacted our margins. Over the last several months, we negotiated with our customers to increase prices in our contracts to share increased costs more appropriately. The revised pricing terms take effect throughout 2022, and we expect gross margin to expand accordingly.”
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Corning Inc Ny's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
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These forward-looking statements relate to, among other things, the Companys future operating performance, the Companys share of new and existing markets, the Companys revenue and earnings growth rates, the Companys ability to innovate and commercialize new products, the Company's expected capital expenditure, and the Companys implementation of cost-reduction initiatives and measures to improve pricing, including the optimization of the Companys manufacturing capacity.
The following information illustrates the sensitivity to a change in certain assumptions for U.S. pension plans: Change in assumption Effect on 2022 pre-tax pension expense Effect on December 31, 2021 PBO 25 basis point decrease in each spot rate - 3 million + 115 million 25 basis point increase in each spot rate + 3 million - 109 million 25 basis point decrease in expected return on assets + 9 million 25 basis point increase in expected return on assets - 9 million The above sensitivities reflect the impact of changing one assumption at a time.
The remaining 80 million Common Shares were accounted for as a conversion of Preferred Stock and resulted in an increase of common stock and additional paid-in-capital based on the carrying value of the Preferred Stock and were included in the weighted-average common shares outstanding for the calculation of the Companys basic and diluted earnings per share.
Costs for our defined benefit pension plans consist of two elements: 1) on-going costs recognized quarterly, which are comprised of service and interest costs, expected return on plan assets and amortization of prior service costs; and 2) mark-to-market gains and losses outside of the corridor, where the corridor is equal to 10% of the greater of the benefit obligation or the market-related value of plan assets at the beginning of the year, which are recognized annually in the fourth quarter of each year.
Diluted earnings per share increased...Read more
Our provision for income taxes...Read more
For the year ended December...Read more
We have continued to effectively...Read more
Items we exclude from GAAP...Read more
On February 2, 2022, Corning?s...Read more
On February 3, 2021, Corning?s...Read more
On February 5, 2020, Corning?s...Read more
Gross margin as a percentage...Read more
Core earnings per share increased...Read more
The following table provides net...Read more
These items include gains and...Read more
Movements in foreign exchange rates...Read more
The potential for impairment exists...Read more
(11) (Loss) gain on investment:...Read more
At December 31, 2021, approximately...Read more
These include items that are...Read more
The following table provides net...Read more
The following table provides net...Read more
Costs for OPEB plans consist...Read more
Net income in the Display...Read more
Net income increased by $55...Read more
These metals are not depreciated...Read more
Summary of cash flow data...Read more
Corning has and will continue...Read more
In the year ended December...Read more
Such events include, but are...Read more
Although the Company believes that...Read more
Net cash used in investing...Read more
The increase was primarily driven...Read more
(7) Restructuring, impairment and other...Read more
The following table provides net...Read more
The following table provides net...Read more
(14) Transaction-related gain, net: Amount...Read more
Net income in the year...Read more
Net cash used in financing...Read more
For a reconciliation of non-GAAP...Read more
Net sales in the year...Read more
When compared to the year...Read more
(4) Acquisition-related costs: These expenses...Read more
(12) Gain on sale of...Read more
Segment net income (loss) may...Read more
We believe investors should consider...Read more
Included in these amounts is...Read more
The change was primarily driven...Read more
Upon completion of the Redemption,...Read more
Constant-currency rates are as follows:...Read more
Corning also believes that reporting...Read more
The statements in this Annual...Read more
As customers take delivery of...Read more
We have entered into a...Read more
Share Repurchases During the years...Read more
Management is not aware of...Read more
For the year ended December...Read more
The following tables reconcile our...Read more
The translation impact of fluctuations...Read more
The gross notional value outstanding...Read more
From time to time, we...Read more
The Company recognizes revenue when...Read more
The estimates that required us...Read more
The developed technologies and know-how...Read more
Upon completion of the Redemption,...Read more
The gain was calculated based...Read more
We believe we have sufficient...Read more
Assets recorded include intangible assets...Read more
Balance sheet and working capital...Read more
In addition, at December 31,...Read more
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Financial results for the reportable...Read more
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Financial Statements, Disclosures and Schedules
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Corning Inc Ny provided additional information to their SEC Filing as exhibits
Ticker: GLW
CIK: 24741
Form Type: 10-K Annual Report
Accession Number: 0001437749-22-003247
Submitted to the SEC: Mon Feb 14 2022 3:33:51 PM EST
Accepted by the SEC: Mon Feb 14 2022
Period: Friday, December 31, 2021
Industry: Drawing And Insulating Of Nonferrous Wire