Corning Inc. Announces Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Earnings Guidance for the Full Year 2016
January 26, 2016 at 07:07 am
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Corning Inc. announced consolidated unaudited earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported net sales of $2,231 million compared with $2,404 million for the same period a year ago. Operating income was $87 million compared with $536 million for the same period a year ago. Income before income taxes was $169 million compared with $1,337 million for the same period a year ago. Net income attributable to Corning Incorporated was $224 million or $0.17 per diluted share compared with $988 million or $0.70 per diluted share for the same period a year ago. Net cash provided by operating activities was $964 million compared with $1,112 million for the same period a year ago. Capital expenditures was $311 million compared with $336 million for the same period a year ago. On adjusted basis, the company reported net sales of $2,402 million compared with $2,534 million for the same period a year ago. Income before income tax was $448 million compared with $646 million for the same period a year ago. Net income was $429 million or $0.34 per share compared with $587 million or $0.42 per share for the same period a year ago.
For the year, the company reported net sales of $9,111 million compared with $9,715 million for the same period a year ago. Operating income was $1,322 million compared with $1,931 million for the same period a year ago. Income before income taxes was $1,486 million compared with $3,568 million for the same period a year ago. Net income attributable to Corning Incorporated was $1,339 million or $1.00 per diluted share compared with $2,472 million or $1.73 per diluted share for the same period a year ago. Net cash provided by operating activities was $2,809 million compared with $4,709 million for the same period a year ago. Capital expenditures was $1,250 million compared with $1,076 million for the same period a year ago. On adjusted basis, the company reported net sales of $9,800 million compared with $9,955 million for the same period a year ago. Income before income tax was $2,190 million compared with $2,404 million for the same period a year ago. Net income was $1,882 million or $1.40 per share compared with $2,023 million or $1.42 per share for the same period a year ago.
For the full year 2016, the company anticipates double-digit sales and net income growth in Specialty Materials driven by Gorilla Glass. Effective tax rate to be in the 16% to 17% range.
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 Inc. Announces Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Earnings Guidance for the Full Year 2016