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Corning Inc Ny (GLW) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

Corning Inc Ny

CIK: 24741 Ticker: GLW
 
 

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.”

 

 

© 2022 Corning Incorporated. All Rights Reserved.
-1-

The following information was filed by Corning Inc Ny (GLW) on Wednesday, January 26, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Corning Inc Ny's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (Parentheticals)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Note 1 - Significant Accounting Policies
Note 1 - Significant Accounting Policies (Details Textual)
Note 1 - Significant Accounting Policies (Tables)
Note 1 - Significant Accounting Policies - Supplemental Disclosure Of Cash Flow Information (Details)
Note 1 - Summary Of Significant Accounting Policies - Useful Life Of Equipment (Details)
Note 10 - Goodwill And Other Intangible Assets
Note 10 - Goodwill And Other Intangible Assets (Details Textual)
Note 10 - Goodwill And Other Intangible Assets (Tables)
Note 10 - Goodwill And Other Intangible Assets - Carrying Amount Of Goodwill (Details)
Note 10 - Goodwill And Other Intangible Assets - Other Intangible Assets (Details)
Note 11 - Other Assets And Other Liabilities
Note 11 - Other Assets And Other Liabilities (Tables)
Note 11 - Other Assets And Other Liabilities - Other Assets (Details)
Note 11 - Other Assets And Other Liabilities - Other Liabilities (Details)
Note 12 - Debt
Note 12 - Debt (Details Textual)
Note 12 - Debt (Tables)
Note 12 - Debt - Debt Maturities (Details)
Note 12 - Debt - Long-Term Debt (Details)
Note 12 - Debt - Long-Term Debt (Details) (Parentheticals)
Note 13 - Employee Retirement Plans
Note 13 - Employee Retirement Plans (Details Textual)
Note 13 - Employee Retirement Plans (Tables)
Note 13 - Employee Retirement Plans - Assumed Health Care Trend Rates (Details)
Note 13 - Employee Retirement Plans - Benefit Obligation And Funded Status (Details)
Note 13 - Employee Retirement Plans - Benefit Obligations In Excess Of Fair Value Of Plan Assets (Details)
Note 13 - Employee Retirement Plans - Changes In Fair Value Of Level 3 Assets For Defined Benefit Plan (Details)
Note 13 - Employee Retirement Plans - Domestic Defined Benefit Plan Assets (Details)
Note 13 - Employee Retirement Plans - Estimated Future Benefit Payments And Gross Medicare To Be Receive (Details)
Note 13 - Employee Retirement Plans - International Defined Benefit Plan Assets (Details)
Note 13 - Employee Retirement Plans - Net Periodic Benefit Expense (Details)
Note 13 - Employee Retirement Plans - Weighted-Average Assumptions Used To Determine Benefit Obligations And Net Periodic Benefit Cost (Details)
Note 14 - Commitments, Contingencies And Guarantees
Note 14 - Commitments, Contingencies And Guarantees (Details Textual)
Note 14 - Commitments, Contingencies And Guarantees (Tables)
Note 14 - Commitments, Contingencies And Guarantees - Amounts Of Obligations (Details)
Note 15 - Hedging Activities
Note 15 - Hedging Activities (Details Textual)
Note 15 - Hedging Activities (Tables)
Note 15 - Hedging Activities - Summary Of Effect Of Designated Derivative Financial Instruments On Consolidated Financial Statements (Details)
Note 15 - Hedging Activities - Summary Of Effect Of Undesignated Derivative Financial Instruments On Consolidated Financial Statements (Details)
Note 15 - Hedging Activities - Summary Of Notional Amounts And Respective Fair Values Of Derivative Financial Instruments (Details)
Note 15 - Hedging Activities - Undesignated Hedges (Details)
Note 16 - Fair Value Measurements
Note 16 - Fair Value Measurements (Tables)
Note 16 - Fair Value Measurements - Financial Assets And Liabilities Measured On A Recurring Basis (Details)
Note 17 - Shareholders' Equity
Note 17 - Shareholders' Equity (Details Textual)
Note 17 - Shareholders' Equity (Tables)
Note 17 - Shareholders' Equity - Accumulated Other Comprehensive Loss (Details)
Note 17 - Shareholders' Equity - Changes In Capital Stock (Details)
Note 17 - Shareholders' Equity - Reclassifications Out Of Accumulated Other Comprehensive Income By Component (Details)
Note 18 - Earnings Per Common Share
Note 18 - Earnings Per Common Share (Details Textual)
Note 18 - Earnings Per Common Share (Tables)
Note 18 - Earnings Per Common Share - Reconciliation Of Earnings Per Common Share (Details)
Note 19 - Share-Based Compensation
Note 19 - Share-Based Compensation (Details Textual)
Note 19 - Share-Based Compensation (Tables)
Note 19 - Share-Based Compensation - Summary Of Performance-Based Restricted Stock Units (Details)
Note 19 - Share-Based Compensation - Summary Of Restricted Stock And Restricted Stock Units (Details)
Note 19 - Share-Based Compensation - Summary Of Stock Options Outstanding (Details)
Note 19 - Share-Based Compensation - Valuation Of Option Grants Under Stock Plans (Details)
Note 2 - Restructuring, Impairment And Other Charges And Credits
Note 2 - Restructuring, Impairment And Other Charges And Credits (Details Textual)
Note 2 - Restructuring, Impairment And Other Charges And Credits (Tables)
Note 2 - Restructuring, Impairment And Other Charges And Credits - Restructuring, Impairment And Other Charges And Credits Reflected On Consolidated Statement Of Income (Loss) (Details)
Note 20 - Reportable Segments
Note 20 - Reportable Segments (Details Textual)
Note 20 - Reportable Segments (Tables)
Note 20 - Reportable Segments - Information Concerning Principal Geographic Areas (Details)
Note 20 - Reportable Segments - Reconciliation Of Reportable Segment Assets (Details)
Note 20 - Reportable Segments - Reconciliation Of Reportable Segment Net Income (Loss) To Consolidated Net Income (Details)
Note 20 - Reportable Segments - Reconciliation Of Reportable Segments And All Other Net Sales To Consolidated Net Sales (Details)
Note 20 - Reportable Segments - Reportable Segments (Details)
Note 20 - Reportable Segments -Selected Financial Information On Product Lines And Reportable Segments (Details)
Note 3 - Investments
Note 3 - Investments (Details Textual)
Note 3 - Investments (Tables)
Note 3 - Investments - Investments (Details)
Note 3 - Investments - Results From Operations (Details)
Note 4 - Hsg Transactions And Acquisitions
Note 4 - Hsg Transactions And Acquisitions (Details Textual)
Note 4 - Hsg Transactions And Acquisitions (Tables)
Note 4 - Hsg Transactions And Acquisitions - Net Gain On Previously Owned Equity (Details)
Note 4 - Hsg Transactions And Acquisitions - Recognized Amounts Of Identified Assets Acquired And Liabilities Assumed (Details)
Note 5 - Revenue
Note 5 - Revenue (Details Textual)
Note 5 - Revenue (Tables)
Note 5 - Revenue - Disaggregation Of Revenue (Details)
Note 6 - Inventories, Net
Note 6 - Inventories, Net (Tables)
Note 6 - Inventories, Net - Inventories, Net (Details)
Note 7 - Lease - Maturities Of Lease Liabilities (Details)
Note 7 - Leases
Note 7 - Leases (Details Textual)
Note 7 - Leases (Tables)
Note 7 - Leases - Components Of Lease Expense (Details)
Note 7 - Leases - Supplemental Balance Sheet (Details)
Note 8 - Income Taxes
Note 8 - Income Taxes (Details Textual)
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes - Current And Deferred Amounts Of Provision (Details)
Note 8 - Income Taxes - Deferred Tax Assets For Loss And Tax Credit Carryforwards (Details)
Note 8 - Income Taxes - Deferred Tax Valuation Allowances (Details)
Note 8 - Income Taxes - Income Before Income Taxes (Details)
Note 8 - Income Taxes - Net Deferred Tax Assets (Details)
Note 8 - Income Taxes - Reconciliation Of The U.S. Statutory Income Tax Rate To Effective Tax Rate (Details)
Note 8 - Income Taxes - Reconciliation Of Unrecognized Tax Benefits (Details)
Note 8 - Income Taxes - Tax Effects Of Temporary Differences And Carryforwards Of Deferred Tax Assets And Liabilities (Details)
Note 9 - Property, Plant And Equipment, Net Of Accumulated Depreciation
Note 9 - Property, Plant And Equipment, Net Of Accumulated Depreciation (Details Textual)
Note 9 - Property, Plant And Equipment, Net Of Accumulated Depreciation (Tables)
Note 9 - Property, Plant And Equipment, Net Of Accumulated Depreciation - Property, Plant And Equipment, Net Of Accumulated Depreciation (Details)
Significant Accounting Policies (Policies)
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

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