Company Quick10K Filing
Corning
Price28.95 EPS1
Shares899 P/E26
MCap26,028 P/FCF13
Net Debt6,066 EBIT1,239
TEV32,094 TEV/EBIT26
TTM 2019-12-31, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-30
10-Q 2020-03-31 Filed 2020-05-05
10-K 2019-12-31 Filed 2020-02-18
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-02-12
10-Q 2018-09-30 Filed 2018-10-24
10-Q 2018-06-30 Filed 2018-07-27
10-Q 2018-03-31 Filed 2018-04-26
10-K 2017-12-31 Filed 2018-02-15
10-Q 2017-09-30 Filed 2017-10-26
10-Q 2017-06-30 Filed 2017-07-26
10-Q 2017-03-31 Filed 2017-04-25
10-K 2016-12-31 Filed 2017-02-06
10-Q 2016-09-30 Filed 2016-10-27
10-Q 2016-06-30 Filed 2016-07-27
10-Q 2016-03-31 Filed 2016-04-29
10-K 2015-12-31 Filed 2016-02-12
10-Q 2015-09-30 Filed 2015-10-27
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-02-13
10-Q 2014-09-30 Filed 2014-10-29
10-Q 2014-06-30 Filed 2014-07-31
10-Q 2014-03-31 Filed 2014-04-28
10-K 2013-12-31 Filed 2014-02-10
10-Q 2013-09-30 Filed 2013-10-30
10-Q 2013-06-30 Filed 2013-07-31
10-Q 2013-03-31 Filed 2013-04-26
10-K 2012-12-31 Filed 2013-02-13
10-Q 2012-09-30 Filed 2012-10-25
10-Q 2012-06-30 Filed 2012-07-27
10-Q 2012-03-31 Filed 2012-04-27
10-K 2011-12-31 Filed 2012-02-13
10-Q 2011-09-30 Filed 2011-10-27
10-Q 2011-06-30 Filed 2011-07-29
10-Q 2011-03-31 Filed 2011-04-29
10-K 2010-12-31 Filed 2011-02-10
10-Q 2010-09-30 Filed 2010-11-01
10-Q 2010-06-30 Filed 2010-07-30
10-Q 2010-03-31 Filed 2010-04-30
10-K 2009-12-31 Filed 2010-02-10
8-K 2020-07-28 Earnings, Exhibits
8-K 2020-05-20
8-K 2020-04-30
8-K 2020-04-28
8-K 2020-04-06
8-K 2020-03-26
8-K 2020-01-29
8-K 2019-11-19
8-K 2019-10-29
8-K 2019-08-14
8-K 2019-07-30
8-K 2019-05-02
8-K 2019-04-30
8-K 2019-01-29
8-K 2018-11-06
8-K 2018-10-23
8-K 2018-08-15
8-K 2018-07-25
8-K 2018-07-18
8-K 2018-06-07
8-K 2018-04-26
8-K 2018-04-24
8-K 2018-01-30
8-K 2018-01-30
8-K 2015-09-23
8-K 2015-07-28
8-K 2015-07-21
8-K 2015-05-05
8-K 2015-04-30
8-K 2015-04-29
8-K 2015-04-28
8-K 2015-02-03
8-K 2015-01-27
8-K 2015-01-26

GLW 10Q Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations‎
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 glw-20200630xex31_1.htm
EX-31.2 glw-20200630xex31_2.htm
EX-32 glw-20200630xex32.htm

Corning Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
35282114702011201420172021
Assets, Equity
3.12.21.30.3-0.6-1.52011201420172021
Rev, G Profit, Net Income
4.43.01.50.1-1.4-2.82011201420172021
Ops, Inv, Fin

glw-20200630x10q
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Index

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

¨   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from  

  To  

Commission file number: 1-3247

CORNING INCORPORATED

(Exact name of registrant as specified in its charter)

New York

16-0393470

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

 

One Riverfront PlazaCorningNew York

14831

(Address of principal executive offices)

(Zip Code)

607-974-9000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

GLW

New York Stock Exchange (NYSE)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes

x

No

¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes

x

No

¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

x

Accelerated Filer

¨

Non-Accelerated Filer

¨

Smaller Reporting Company

¨

Emerging Growth Company

¨

If an emerging growth company, indicated by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act.

Yes

¨

No

¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

¨

No

x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class

Outstanding as of July 24, 2020

Corning’s Common Stock, $0.50 par value per share

761,776,310 shares

 


© 2020 Corning Incorporated. All Rights Reserved.

1


Index

 

INDEX

PART I – FINANCIAL INFORMATION

Page

Item 1. Financial Statements

Consolidated Statements of (Loss) Income (Unaudited) for the three and six months ended June 30, 2020 and 2019

3

Consolidated Statements of Comprehensive (Loss) Income (Unaudited) for the three and six months ended June 30, 2020 and 2019

4

Consolidated Balance Sheets (Unaudited) at June 30, 2020 and December 31, 2019

5

Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2020 and 2019

6

Consolidated Statements of Changes to Shareholders’ Equity (Unaudited) for the three and six months ended June 30, 2020 and 2019

7

Notes to Consolidated Financial Statements (Unaudited)

9

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

29

Item 3. Quantitative and Qualitative Disclosures About Market Risk

50

Item 4. Controls and Procedures

50

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

51

Item 1A. Risk Factors

51

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

52

Item 6. Exhibits

53

Signatures

54

 


© 2020 Corning Incorporated. All Rights Reserved.

2


Index

 

CORNING INCORPORATED AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF (LOSS) INCOME

(Unaudited; in millions, except per share amounts)

 

Three months ended

Six months ended

June 30,

June 30,

 

2020

2019

2020

2019

Net sales

$

2,561

$

2,940

$

4,952

$

5,752

Cost of sales

1,805

1,875

3,635

3,588

Gross margin

756

1,065

1,317

2,164

Operating expenses:

Selling, general and administrative expenses

401

414

796

815

Research, development and engineering expenses

430

249

691

498

Amortization of purchased intangibles

28

28

54

57

Operating (loss) income

(103)

374

(224)

794

Equity in earnings of affiliated companies

79

33

93

58

Interest income

3

5

9

12

Interest expense

(67)

(54)

(131)

(106)

Translated earnings contract gain (loss), net

37

(107)

105

77

Other income (expense), net

2

(35)

(9)

(44)

(Loss) income before income taxes

(49)

216

(157)

791

Provision for income taxes (Note 6)

(22)

(124)

(10)

(200)

Net (loss) income attributable to Corning Incorporated

$

(71)

$

92

$

(167)

$

591

(Loss) earnings per common share attributable to
  Corning Incorporated:

Basic (Note 8)

$

(0.13)

$

0.09

$

(0.28)

$

0.69

Diluted (Note 8)

$

(0.13)

$

0.09

$

(0.28)

$

0.65

The accompanying notes are an integral part of these consolidated financial statements.

 


© 2020 Corning Incorporated. All Rights Reserved.

3


Index

 

CORNING INCORPORATED AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(Unaudited; in millions)

 

Three months ended

Six months ended

 

June 30,

June 30,

 

2020

2019

2020

2019

 

Net (loss) income attributable to Corning Incorporated

$

(71)

$

92

$

(167)

$

591

Foreign currency translation adjustments and other

58

38

(207)

(72)

Net unrealized gains on investments

1

2

Unamortized losses and prior service costs
  for postretirement benefit plans

(12)

(12)

(52)

Net unrealized gains (losses) on designated hedges

19

(3)

(42)

2

Other comprehensive income (loss), net of tax (Note 14)

65

36

(261)

(120)

Comprehensive (loss) income attributable to
  Corning Incorporated

$

(6)

$

128

$

(428)

$

471

The accompanying notes are an integral part of these consolidated financial statements.

 


© 2020 Corning Incorporated. All Rights Reserved.

4


Index

 

CORNING INCORPORATED AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

(Unaudited; in millions, except share and per share amounts)

 

June 30,

December 31,

2020

2019

Assets

Current assets:

Cash and cash equivalents

$

2,158

$

2,434

Trade accounts receivable, net of doubtful accounts and allowances - $43 and $41

1,712

1,836

Inventories, net of inventory reserves - $214 and $201 (Note 9)

2,235

2,320

Other current assets

741

873

Total current assets

6,846

7,463

Investments

329

334

Property, plant and equipment, net of accumulated depreciation - $13,476 and $12,995

14,691

15,337

Goodwill, net

1,925

1,935

Other intangible assets, net

1,072

1,185

Deferred income taxes (Note 6)

1,266

1,157

Other assets

1,417

1,487

Total Assets

$

27,546

$

28,898