Corning Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011
January 25, 2012 at 12:00 pm
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Corning Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported net sales of $1,887 million, operating income of $223 million, income before income taxes of $552 million and net income attributable to the company of $491 million, or $0.31 diluted earnings per share as compared to net sales of $1,765 million, operating income of $649 million, income before income taxes of $1,189 million and net income attributable to the company of $1,044 million, or $0.66 diluted earnings per share for the same period a year ago. Net cash provided by operating activities was $1,157 million compared to $2,092 million a year ago. Capital expenditures were $766 million compared to $473 million a year ago. Free cash flow was $325 million. Non-GAAP net income was $513 million, or $0.33 earnings per share compared to non- GAAP net income of $733 million, or $0.46 earnings per share a year ago.
For the year 2011, the company reported net sales of $7,890 million, operating income of $1,694 million, income before income taxes of $3,213 million and net income attributable to the company of $2,805 million, or $1.77 diluted earnings per share as compared to net sales of $6,632 million, operating income of $1,801 million, income before income taxes of $3,845 million and net income attributable to the company of $3,558 million, or $2.25 diluted earnings per share for the same period a year ago. Net cash provided by operating activities was $3,189 million compared to $3,835 million a year ago. Capital expenditures were $2,432 million compared to $1,007 million a year ago. Free cash flow was $544 million compared to $2,773 million a year ago. Non-GAAP net income was $2,789 million, or $01.76 earnings per share compared to non- GAAP net income of $3,276 million, or $2.07 earnings per share a year ago.
Corning Incorporated is the world leader of the production and the marketing of substrata of glass and ceramic of specialty. Net sales break down by market as follows:
- telecommunications (29.6%): products of fiber optical, cables, etc. for networks of communication;
- electronic large public (26%): glass substrata intended for screens of televisions sets LCD, PC and laptops;
- environment (13%): substrata of ceramic and filters intended for systems fight against vehicles emissions;
- life science (7.1%): in particular optical biosensors for pharmaceutical research;
- other (24.3%): solutions based on plastic and glass of specialty intended notably to the sectors of semiconductors, aerospace, defense, astronomy and metrology.
Net sales are distributed geographically as follows: the United States (32.7%), North America (3%), Asia/Pacific (51.5%), Europe (11.3%) and other (1.5%).