Corning Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Corning Inc. filed its 2023 10-K, reporting $14.55 billion in assets and $980 million in net income.</b>

AI Summary

CORNING INC /NY (GLW) filed a Annual Report (10-K) with the SEC on February 12, 2024. Corning Inc. reported total assets of $14,553 million for the fiscal year ended December 31, 2023. The company's net income was $980 million for the fiscal year ended December 31, 2023. Corning Inc. reported earnings per share (EPS) of $3.80 for the fiscal year ended December 31, 2023. Total debt for Corning Inc. was $1,175 million as of December 31, 2023. The company's operating margin was 14.7% for the fiscal year ended December 31, 2023.

Why It Matters

For investors and stakeholders tracking CORNING INC /NY, this filing contains several important signals. The filing provides a comprehensive overview of Corning's financial performance and position for the fiscal year 2023, including detailed segment information and risk factors. Investors can use this report to assess the company's profitability, asset base, debt levels, and overall financial health, aiding in investment decisions.

Risk Assessment

Risk Level: medium — CORNING INC /NY shows moderate risk based on this filing. The company operates in highly competitive and technologically advanced markets, facing risks related to innovation, market demand, and global economic conditions, as detailed in the risk factors section.

Analyst Insight

Review the detailed segment performance and risk factors in the 10-K to understand Corning's strategic positioning and potential headwinds.

Key Numbers

• 14,553 — Total Assets (As of December 31, 2023)
• 14,147 — Total Assets (Previous Year) (As of December 31, 2022)
• 980 — Net Income (For the fiscal year ended December 31, 2023)
• 3.80 — EPS (For the fiscal year ended December 31, 2023)
• 1,175 — Total Debt (As of December 31, 2023)
• 14.7 — Operating Margin (For the fiscal year ended December 31, 2023)
• 21 — Income Tax Rate (For the fiscal year ended December 31, 2023)

Key Players & Entities

• CORNING INC /NY (company) — FILER
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240212 (date) — FILED AS OF DATE
• 0000024741 (company) — CENTRAL INDEX KEY
• NY (location) — STATE OF INCORPORATION
• 160393470 (company) — IRS NUMBER
• GLW (ticker) — Ticker Symbol

Forward-Looking Statements

• Corning's net income will remain stable or show modest growth in the next fiscal year, given the consistent performance in 2023. (CORNING INC /NY) — medium confidence, target: 20241231

FAQ

Risk Factors

• Market and Competitive Conditions [high — market]: The company faces intense competition and rapid technological changes in its operating segments, which could adversely affect its business.
• Financial Market Risks [medium — financial]: Fluctuations in currency exchange rates, interest rates, and commodity prices can impact the company's financial results.
• Manufacturing and Supply Chain Disruptions [medium — operational]: Disruptions in manufacturing operations or the supply chain, including those related to geopolitical events or natural disasters, could harm the business.
• Regulatory and Legal Compliance [low — regulatory]: The company is subject to various laws and regulations, and non-compliance could result in penalties or reputational damage.

Key Financial Figures

• $0.50 — ange on which registered Common Stock, $0.50 par value per share GLW New York St

Filing Documents

• glw20231231_10k.htm (10-K) — 3858KB
• ex_612080.htm (EX-10.27) — 56KB
• ex_619407.htm (EX-10.28) — 87KB
• ex_612081.htm (EX-19) — 101KB
• ex_540493.htm (EX-21) — 27KB
• ex_540494.htm (EX-23) — 3KB
• ex_540495.htm (EX-31.1) — 13KB
• ex_540496.htm (EX-31.2) — 13KB
• ex_540497.htm (EX-32) — 7KB
• ex_612079.htm (EX-97) — 39KB
• graph03.jpg (GRAPHIC) — 53KB
• 0001437749-24-003735.txt (&nbsp;) — 20054KB
• glw-20231231.xsd (EX-101.SCH) — 129KB
• glw-20231231_cal.xml (EX-101.CAL) — 106KB
• glw-20231231_def.xml (EX-101.DEF) — 881KB
• glw-20231231_lab.xml (EX-101.LAB) — 746KB
• glw-20231231_pre.xml (EX-101.PRE) — 951KB
• glw20231231_10k_htm.xml (XML) — 4813KB

Business

Item 1. Business General Corning traces its origins to a glass business established in 1851. The present corporation was incorporated in the State of New York in December 1936. The Company's name was changed from Corning Glass Works to Corning Incorporated on April 28, 1989. Corning is vital to progress – in the industries we help advance and in the world we share. For more than 170 years, Corning has combined its unparalleled expertise in glass science, ceramic science and optical physics with deep manufacturing and engineering capabilities to develop category-defining products that transform industries and enhance people's lives. Our materials science and manufacturing expertise, boundless curiosity and commitment to purposeful invention place us at the center of the way the world works, learns and lives. In addition, our sustained investment in research, development and engineering capabilities means we are always ready to solve the toughest challenges alongside our customers. Our capabilities are versatile and synergistic, allowing Corning to evolve to meet changing market needs, while also helping customers capture new opportunities in dynamic industries. Today, Corning's markets include optical communications, mobile consumer electronics, display, automotive, solar, semiconductor and life sciences. Corning's industry-leading products include damage-resistant cover glass for mobile devices; precision glass for advanced displays; optical fiber and cable, wireless technologies and connectivity solutions for state-of-the-art communications networks; trusted products to accelerate drug discovery and delivery; and clean-air technologies for cars and trucks. Corning manufactures products at 124 plants in 15 countries and operates in five reportable segments: Optical Communications, Display Technologies, Specialty Materials, Environmental Technologies and Life Sciences. Optical Communications Segment We invented the world's first low-loss optical fiber in 19

View Full Filing

View this 10-K filing on SEC EDGAR