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Corning - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

Corning (ISIN: US2193501051, WKN: 850808) Kursdatum: 21.07.2017 Kurs: 31,850 USD
Beschreibung Daten
Symbol GLW
Marktkapitalisierung 36.436.398.080,00 USD
Land Vereinigte Staaten von Amerika
Indizes S&P 500
Sektor Industriegüter
Rohdaten nach US GAAP in Millionen USD
Aktiensplits 2000-10-04 - 3:1 |
Internet
Letztes Bilanz Update 06.02.2017

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 21.07.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
25,80 14,45 1,70% 13,24 64,13 9,86 3,88 2,04

Firmenbeschreibung

Quarterly Operating Results (unaudited)      (In millions, except per share amounts)   2016   Firstquarter     Secondquarter     Thirdquarter     Fourthquarter     Totalyear                                             Net sales   $ 2,047     $ 2,360     $ 2,507     $ 2,476     $ 9,390   Gross margin   $ 764     $ 951     $ 1,041     $ 990     $ 3,746   Equity in earnings of affiliated companies   $ 59     $ 41     $ 19     $ 165     $ 284   Benefit (provision) for income taxes   $ 304     $ 504     $ 27     $ (832 )   $ 3   Net (loss) income attributable to Corning Incorporated   $ (368 )   $ 2,207     $ 284     $ 1,572     $ 3,695                                             Basic (loss) earnings per common share   $ (0.36 )   $ 2.06     $ 0.27     $ 1.64     $ 3.53   Diluted (loss) earnings per common share   $ (0.36 )   $ 1.87     $ 0.26     $ 1.47     $ 3.23      2015   Firstquarter     Secondquarter     Thirdquarter     Fourthquarter     Totalyear                                             Net sales   $ 2,265     $ 2,343     $ 2,272     $ 2,231     $ 9,111   Gross margin   $ 929     $ 975     $ 892     $ 857     $ 3,653   Equity in earnings of affiliated companies   $ 94     $ 62     $ 39     $ 104     $ 299   (Provision) benefit for income taxes  

Firmenstrategie

Basis of Presentation and Principles of Consolidation   Our consolidated financial statements were prepared in conformity with generally accepted accounting principles in the U.S. and include the assets, liabilities, revenues and expenses of all majority-owned subsidiaries over which Corning exercises control.   The equity method of accounting is used for investments in affiliated companies that are not controlled by Corning and in which our interest is generally between 20% and 50% and we have significant influence over the entity. Our share of earnings or losses of affiliated companies, in which at least 20% of the voting securities is owned and we have significant influence but not control over the entity, is included in consolidated operating results.   We use the cost method to account for our investments in companies that we do not control and for which we do not have the ability to exercise significant influence over operating and financial policies. In accordance with the cost method, these investments are recorded at cost or fair value, as appropriate.   All material intercompany accounts, transactions and profits are eliminated in consolidation.   Certain prior year amounts have been reclassified to conform to the current-year presentation. These reclassifications had no impact on our results of operations, financial position, or changes in shareholders’ equity.

RevenueRecognitionPolicyTextBlock

Revenue Recognition

 

 

 

Revenue for sales of goods is recognized when a firm sales agreement is in place, delivery has occurred and sales price is fixed or determinable and collection is reasonably assured. If customer acceptance of products is not reasonably assured, sales are recorded only upon formal customer acceptance. Sales of goods typically do not include multiple product and/or service elements.

 

 

 

At the time revenue is recognized, allowances are recorded, with the related reduction to revenue, for estimated product returns, allowances and price discounts based upon historical experience and related terms of customer arrangements. Where we have offered product warranties, we also establish liabilities for estimated warranty costs based upon historical experience and specific warranty provisions. Warranty liabilities are adjusted when experience indicates the expected outcome will differ from initial estimates of the liability.

 

 

 

In addition, Corning also has contractual arrangements with certain customers in which we recognize revenue on a completed contract basis. Revenues under the completed-contract method are recognized upon substantial completion, defined as acceptance by the customer and compliance with performance specifications as agreed upon in the contract. The Company acts as a principal under the contracts, and recognizes revenues with corresponding cost of revenues on a gross basis for the full amount of the contract.

SegmentReportingDisclosureTextBlock

20.

   Reportable Segments

 

 

 

Our reportable segments are as follows:

 

 

 

 
 
Display Technologies – manufactures glass substrates for flat panel liquid crystal displays.

 

 
 
Optical Communications – manufactures carrier network and enterprise network components for the telecommunications industry.

 

 
 
Environmental Technologies – manufactures ceramic substrates and filters for automotive and diesel applications.

 

 
 
Specialty Materials – manufactures products that provide more than
150
material formulations for glass, glass ceramics and fluoride crystals to meet demand for unique customer needs.

 

 
 
Life Sciences – manufactures glass and plastic labware, equipment, media and reagents to provide workflow solutions for scientific applications.

 

 

 

All other segments that do not meet the quantitative threshold for separate reporting have been grouped as “All Other.” This group is primarily comprised of the results of Corning’s Pharmaceutical Technologies business, our non-LCD glass business

, new product lines and development projects, as well as certain corporate investments such as Eurokera and Keraglass equity affiliates.

 

 

 

We prepared the financial results for our reportable segments on a basis that is consistent with the manner in which we internally disaggregate financial information to assist in making internal operating decisions. We included the earnings of equity affiliates that are closely associated with our reportable segments in the respective segment’s net income. We have allocated certain common expenses among reportable segments differently than we would for stand-alone financial information. Segment net income

may

not be consistent with measures used by other companies. The accounting policies of our reportable segments are the same as those applied in the Consolidated Financial Statements.

 

 

 

 

 

The following provides historical segment information as described above:

 

 

 

Segment Information

(in millions)

 

 

EarningsPerSharePolicyTextBlock

18.

   Earnings Per Common Share

 

 

 

Basic earnings per common share are computed by dividing income attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share assumes the issuance of common shares for all potentially dilutive securities outstanding.

 

 

 

The reconciliation of the amounts used to compute basic and diluted earnings per common share from operations follows (in millions, except per share amounts):

 

 

     
Display
Technologies
     
Optical
Communications
     
Environmental
Technologies
     
Specialty
Materials
     
Life
Sciences
     
All
Other
     
Total
 
 
For the year ended
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales
  $
3,238
    $
3,005
    $
1,032
    $
1,124
    $
839
    $
152
    $
9,390
 
 
Depreciation
(1)
  $
598
    $
175
    $
129
    $
109
    $
58
    $
50
    $
1,119
 
 
Amortization of purchased intangibles
   
 
    $
35
     
 
     
 
    $
20
    $
8
    $
63
 
 
Research, development and engineering expenses
(2)
  $
45
    $
147
    $
102
    $
126
    $
24
    $
191
    $
635
 
 
Restructuring, impairment and other charges
  $
4
    $
5
    $
5
    $
12
    $
3
    $
40
    $
69
 
 
Equity in earnings (loss) of affiliated companies
  $
1
     
 
     
 
     
 
     
 
    $
(6
)   $
(5
)
 
Income tax (provision) benefit
  $
(372
)   $
(129
)   $
(65
)   $
(85
)   $
(28
)   $
114
    $
(565
)
 
Net income (loss)
(3)
  $
935
    $
245
    $
133
    $
174
     
Years ended December 31,
 
 
 
 
2016
 
   
2015
     
2014
 
 
Net income attributable to Corning Incorporated
 
$
3,695
 
  $
1,339
    $
2,472
 
 
Less: Series A convertible preferred stock dividend
 
 
98
 
   
98
     
94
 
 
Net income available to common stockholders - basic
 
 
3,597
 
   
1,241
     
2,378
 
 
Plus: Series A convertible preferred stock dividend
 
 
98
 
   
98
     
94
 
 
Net income available to common stockholders - diluted
 
$
3,695
 
  $
1,339
    $
2,472
 
                         
 
Weighted-average common shares outstanding - basic
 
 
1,020
 
   
1,219
     
1,305
 
 
Effect of dilutive securities:
                       
 
Stock options and other dilutive securities
 
 
9
 
   
9
     
12
 
 
Series A convertible preferred stock
 
 
115
 
   
115
     
110
 
 
Weighted-average common shares outstanding - diluted
 
 
1,144
 
   
1,343
     
1,427
 
 
Basic earnings per common share
 
$
3.53
 
  $
1.02
    $
1.82
 
 
Diluted earnings per common share
 
$
3.23
 
  $
1.00
    $
1.73
 
                         
 
Anti-dilutive potential shares excluded from diluted earnings per common share:
                       
 
Employee stock options and awards
 
 
15
 
   
22
     
24
 
 
Accelerated share repurchase forward contract
   
 
     
15
     
3
 
 
Total
 
 
15
 
   
37
     
27