Corning Incorporated Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Sales Guidance for the Year 2018
January 30, 2018 at 12:17 pm
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Corning Incorporated announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net sales of $2,637 million against $2,476 million a year ago. Operating income was $372 million against $432 million a year ago. Income before income taxes was $566 million against $2,404 million a year ago. Net loss attributable to the company was $1,412 million against profit of $1,572 million a year ago. Diluted loss per common share attributable to the company was $1.66 against earnings per share of $1.47 a year ago. Net cash provided by operating activities was $888 million against $1,428 million a year ago. Capital expenditures were $557 million against $315 million a year ago. Diluted core earnings available to common stockholders were $485 million against $534 million a year ago. Core diluted earnings per common share were $0.49 against $0.50 a year ago. Adjusted cash flows from operating activities were $1,035 million compared to $1,346 million a year ago. On the non-GAAP basis, net sales were $2,739 million against $2,551 million a year ago. Income before income taxes was $569 million against $642 million a year ago. Net income was $485 million or $0.49 per share against $534 or $0.50 per share a year ago.
For the year, the company reported net sales of $10,116 million against $9,390 million a year ago. Operating income was $1,630 million against $1,391 million a year ago. Income before income taxes was $1,657 million against $3,692 million a year ago. Net loss attributable to the company was $497 million against profit of $3,695 million a year ago. Diluted loss common share attributable to the company was $0.66 against earnings per share of $3.23 a year ago. Net cash provided by operating activities was $2,004 million against $2,537 million a year ago. Capital expenditures were $1,804 million against $1,130 million a year ago. Diluted core earnings available to common stockholders were $1,756 million against $1,774 million a year ago. Core diluted earnings per common share were $1.72 against $1.55 a year ago. Adjusted cash flows from operating activities were $2,620 million compared to $2,797 million a year ago. On the non-GAAP basis, net sales were $10,514 million against $9,710 million a year ago. Income before income taxes was $2,125 million against $2,096 million a year ago. Net income was $1,756 million or $1.72 per share against $1,774 or $1.55 per share a year ago.
For full-year 2018, the company expected to include sales of approximately $11 billion, continued innovation and growth investments, and further improvement in LCD pricing to mid-single digit percentage declines.
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%).
Corning Incorporated Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Sales Guidance for the Year 2018