Corning Incorporated is an American company, based in New York, that focuses on manufacturing specialty glass and ceramics.
Its history traces back to a glass business that was established in 1851.
In 1936 the corporation was incorporated in the State of New York under the name “Corning Glass Works”.
However, it was not until 1989 that the company changed its name from Corning Glass Works to Corning Incorporated.
Corning Incorporated is publicly listed on the New York Stock Exchange (NYSE), under the stock ticker symbol ‘GLW’.
The company is comprised of five primary business segments:
Display Technologies Segment – focuses on manufacturing glass substrates for active matrix liquid crystal displays (LCDs). Corning’s proprietary fusion manufacturing process is scalable and considered to be the most effective process in producing large size substrates. This segment represented almost a third (32%) of total sales in 2013.
Optical Communications Segment – provides a range of optical fiber, cable and connectivity solutions. The name of this segment will soon be changed to “Corning Optical Communications”.
Environmental Technologies Segment – produces filter products and ceramic substrates for emissions control in stationary and mobile applications.
Specialty Materials Segment – manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals.
Overview
- Chairman, President and CEO: Wendell P. Weeks
- Type: Public
- Industry: Materials
- Listed on the New York Stock Exchange (NYSE)
- NYSE stock ticker symbol: GLW
- S&P 500 Component
- Revenue: $7.819 billion USD (2013)
- Net income: $1.961 billion USD (2013)
- Diluted earnings per share: $1.34 USD (2013)
- Employees: 30,400 (2013)
- Corporate headquarters: One Riverfront Plaza, Corning, NY, USA
- Corporate contact number: 607-974-9000
- Website: http://www.corning.com/
| Operating data (in $ millions) | 2013 | 2012 |
| Net sales | $7,819 | $8,012 |
| Cost of sales | $4,495 | $4,693 |
| Gross margin | $3,324 | $3,319 |
| Operating income | $1,371 | $1,179 |
| Interest income | $8 | $14 |
| Interest expense | $(120) | $(111) |
| Other income, net | $667 | $83 |
| Income before income taxes | $2,473 | $1,975 |
| Net income attributable to Corning Incorporated | $1,961 | $1,636 |
| Comprehensive income attributable to Corning Incorporated | $1,649 | $1,516 |
| Balance sheet data (in $ millions) | ||
| Total assets | $28,478 | $29,375 |
| Total liabilities | $7,267 | $7,842 |
| Total equity | $21,211 | $21,533 |
| Cash flow data (in $ millions) | ||
| Net cash provided by operating activities | $2,787 | $3,206 |
| Net cash used in investing activities | $(1,004) | $(2,628) |
| Net cash used in financing activities | $(2,063) | $(115) |
| Cash and cash equivalents at end of year | $4,704 | $4,988 |
| Common share data (in $) | ||
| Basic earnings (loss) per common share | $1.35 | $1.10 |
| Diluted earnings (loss) per common share | $1.34 | $1.09 |
Source: “Corning Incorporated 2013 FORM-10K Annual Report”