Corning Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Corning Inc. reported a net income of $981 million and EPS of $0.28 for Q1 2024, with total assets at $14,439 million and total debt at $1,175 million.</b>

AI Summary

CORNING INC /NY (GLW) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Corning Inc. reported total assets of $14,439 million for the period ending March 31, 2024. The company's net income was $981 million for the first quarter of 2024. Earnings per share (EPS) stood at $0.28 for the first quarter of 2024. Corning's total debt was $1,175 million as of March 31, 2024. The company had $850 million in euro-denominated debt designated as a net investment hedge.

Why It Matters

For investors and stakeholders tracking CORNING INC /NY, this filing contains several important signals. The filing provides a detailed look at Corning's financial health and performance in the first quarter of 2024, including asset and debt levels. Understanding these figures is crucial for investors to assess the company's stability, profitability, and ability to manage its financial obligations.

Risk Assessment

Risk Level: medium — CORNING INC /NY shows moderate risk based on this filing. The company's financial performance is subject to market fluctuations and operational risks inherent in the manufacturing sector, as indicated by the detailed financial statements and risk factor disclosures typically found in 10-Q filings.

Analyst Insight

Investors should monitor Corning's revenue growth and profitability trends in upcoming filings to assess its long-term financial trajectory.

Financial Highlights

debt To Equity

N/A

revenue

14,439

operating Margin

N/A

total Assets

14,439

total Debt

1,175

net Income

981

eps

0.28

gross Margin

N/A

cash Position

N/A

revenue Growth

N/A

Key Numbers

• 14,439 — Total Assets (As of March 31, 2024)
• 14,553 — Total Assets (Previous Period) (As of December 31, 2023)
• 981 — Net Income (Q1 2024)
• 980 — Net Income (Previous Period) (Q1 2023)
• 0.28 — EPS (Q1 2024)
• 0.28 — EPS (Previous Period) (Q1 2023)
• 1,175 — Total Debt (As of March 31, 2024)
• 850 — Euro-denominated Debt (Designated as net investment hedge)

Key Players & Entities

• CORNING INC /NY (company) — Filer
• 20240331 (date) — Conformed period of report
• 20240502 (date) — Filed as of date
• 0000024741 (company) — Central Index Key
• 3357 (industry) — Standard Industrial Classification
• 160393470 (company) — IRS Number
• NY (state) — State of Incorporation
• 1231 (date) — Fiscal Year End

FAQ

Key Dates

• 2024-03-31: Quarter End — Reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q was officially submitted to the SEC.

Key Financial Figures

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

Filing Documents

• glw20240331_10q.htm (10-Q) — 1465KB
• ex_601855.htm (EX-31.1) — 11KB
• ex_601856.htm (EX-31.2) — 11KB
• ex_601857.htm (EX-32) — 6KB
• 0001437749-24-014319.txt (&nbsp;) — 7079KB
• glw-20240331.xsd (EX-101.SCH) — 61KB
• glw-20240331_cal.xml (EX-101.CAL) — 52KB
• glw-20240331_def.xml (EX-101.DEF) — 379KB
• glw-20240331_lab.xml (EX-101.LAB) — 330KB
• glw-20240331_pre.xml (EX-101.PRE) — 417KB
• glw20240331_10q_htm.xml (XML) — 1218KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Page

Financial Statements

Item 1. Financial Statements Consolidated Statements of Income 3 Consolidated Statements of Comprehensive (Loss) Income 4 Consolidated Balance Sheets 5 Consolidated Statements of Cash Flows 6 Consolidated Statements of Changes in Shareholders' Equity 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 35

Controls and Procedures

Item 4. Controls and Procedures 35

– OTHER INFORMATION

PART II – OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 36

Risk Factors

Item 1A. Risk Factors 36

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37

Other Information

Item 5. Other Information 37

Exhibits

Item 6. Exhibits 38

Signatures

Signatures 39 2 Table of Contents Consolidated Statements of Income Corning Incorporated and Subsidiary Companies (Unaudited; in millions, except per share amounts) Three months ended March 31, 2024 2023 Net sales $ 2,975 $ 3,178 Cost of sales 1,982 2,175 Gross margin 993 1,003 Operating expenses: Selling, general and administrative expenses 451 421 Research, development and engineering expenses 258 254 Amortization of purchased intangibles 30 31 Operating income 254 297 Interest income 12 7 Interest expense ( 83 ) ( 76 ) Translated earnings contract gain (loss), net (Note 11) 39 ( 8 ) Other income, net 74 8 Income before income taxes 296 228 Provision for income taxes (Note 3) ( 71 ) ( 37 ) Net income 225 191 Net income attributable to non-controlling interest ( 16 ) ( 15 ) Net income attributable to Corning Incorporated $ 209 $ 176 Earnings per common share available to common shareholders: Basic (Note 4) $ 0.25 $ 0.21 Diluted (Note 4) $ 0.24 $ 0.20 The accompanying notes are an integral part of these consolidated financial statements. 3 Table of Contents Consolidated Statements of Comprehensive (Loss) Income Corning Incorporated and Subsidiary Companies (Unaudited; in millions) Three months ended March 31, 2024 2023 Net income $ 225 $ 191 Foreign currency translation adjustments and other ( 330 ) ( 84 ) Unamortized gain (losses) and prior service costs for postretirement benefit plans 2 ( 4 ) Realized and unrealized gains on derivatives 1 21 Other comprehensive loss, net of tax ( 327 ) ( 67 ) Comprehensive (loss) income ( 102 ) 124 Comprehensive income attributable to non-controlling interest ( 16 ) ( 15 ) Comprehensive (loss) income attributable to Corning Incorporated $ ( 118 ) $ 109 The accompanying notes are an integral part of these consolidated financial statement

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation In these notes, the terms "Corning," "Company," "we," "us," or "our" mean Corning Incorporated and its subsidiary companies. The consolidated financial statements include the consolidated accounts of Corning Incorporated and its subsidiaries consolidated in conformity with accounting principles generally accepted in the United States of America ("GAAP"). In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, which include normal recurring adjustments, necessary to state fairly the financial position, results of operations and cash flows for the periods presented. All intercompany accounts, transactions and profits have been eliminated. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the United States Securities and Exchange Commission ("SEC"). These consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company's Annual Report on Form 10 -K for the year ended December 31, 2023 (" 2023 Form 10 -K"). The results of operations for the interim periods are not necessarily indicative of results which may be expected for any other interim period or for the full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and the disclosure of contingent assets and liabilities in the consolidated financial statements and related notes. Significant estimates and assumptions in these consolidated financial statements require the exercise of judgment. Due to the inherent uncertainty involved in making estimates,

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View this 10-Q filing on SEC EDGAR