Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Corning Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Net sales	2,975)	2,994)	3,173)	3,243)	3,178)	3,406)	3,488)	3,615)	3,680)	3,676)	3,615)	3,501)	3,290)	3,350)	3,001)	2,561)	2,391)	2,817)	2,934)	2,940)	2,812)
Cost of sales	(1,982)	(2,083)	(2,169)	(2,230)	(2,175)	(2,491)	(2,426)	(2,369)	(2,397)	(2,405)	(2,294)	(2,186)	(2,134)	(2,137)	(2,000)	(1,805)	(1,830)	(1,963)	(1,917)	(1,875)	(1,713)
Gross margin	993)	911)	1,004)	1,013)	1,003)	915)	1,062)	1,246)	1,283)	1,271)	1,321)	1,315)	1,156)	1,213)	1,001)	756)	561)	854)	1,017)	1,065)	1,099)
Selling, general and administrative expenses	(451)	(514)	(468)	(440)	(421)	(517)	(461)	(486)	(434)	(476)	(486)	(465)	(400)	(471)	(480)	(401)	(395)	(401)	(369)	(414)	(401)
Research, development and engineering expenses	(258)	(289)	(270)	(263)	(254)	(281)	(278)	(240)	(248)	(280)	(251)	(242)	(222)	(232)	(231)	(430)	(261)	(278)	(255)	(249)	(249)
Amortization of purchased intangibles	(30)	(30)	(30)	(31)	(31)	(31)	(31)	(30)	(31)	(32)	(32)	(33)	(32)	(34)	(33)	(28)	(26)	(28)	(28)	(28)	(29)
Operating expenses	(739)	(833)	(768)	(734)	(706)	(829)	(770)	(756)	(713)	(788)	(769)	(740)	(654)	(737)	(744)	(859)	(682)	(707)	(652)	(691)	(679)
Operating income (loss)	254)	78)	236)	279)	297)	86)	292)	490)	570)	483)	552)	575)	502)	476)	257)	(103)	(121)	147)	365)	374)	420)
Interest income	12)	13)	10)	8)	7)	6)	3)	3)	3)	3)	3)	2)	3)	3)	3)	3)	6)	5)	4)	5)	7)
Interest expense	(83)	(90)	(82)	(81)	(76)	(76)	(73)	(72)	(71)	(73)	(72)	(78)	(77)	(75)	(70)	(67)	(64)	(60)	(55)	(54)	(52)
Translated earnings contract gain (loss), net	39)	33)	20)	116)	(8)	94)	(68)	196)	129)	92)	(13)	3)	272)	(43)	(100)	37)	68)	85)	86)	(107)	184)
Transaction-related gain, net	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	498)	—)	—)	—)	—)	—)	—)
Other income (expense), net	74)	(72)	33)	87)	8)	(106)	106)	133)	152)	80)	23)	19)	127)	(31)	(133)	87)	3)	(164)	12)	11)	22)
Income (loss) before income taxes	296)	(38)	217)	409)	228)	4)	260)	750)	783)	585)	493)	521)	827)	330)	455)	(43)	(108)	13)	412)	229)	581)
(Provision) benefit for income taxes	(71)	10)	(35)	(106)	(37)	(31)	(34)	(166)	(180)	(89)	(109)	(67)	(226)	(78)	(23)	(22)	12)	15)	(71)	(124)	(76)
Net income (loss)	225)	(28)	182)	303)	191)	(27)	226)	584)	603)	496)	384)	454)	601)	252)	432)	(65)	(96)	28)	341)	105)	505)
Net income attributable to non-controlling interest	(16)	(12)	(18)	(22)	(15)	(9)	(18)	(21)	(22)	(9)	(13)	(5)	(2)	—)	(5)	(6)	—)	4)	(4)	(13)	(6)
Net income (loss) attributable to Corning Incorporated	209)	(40)	164)	281)	176)	(36)	208)	563)	581)	487)	371)	449)	599)	252)	427)	(71)	(96)	32)	337)	92)	499)
Series A convertible preferred stock dividend and excess consideration paid for redemption of preferred stock	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(803)	(24)	(25)	(24)	(25)	(24)	(26)	(24)	(24)	(24)
Net income (loss) available to common shareholders	209)	(40)	164)	281)	176)	(36)	208)	563)	581)	487)	371)	(354)	575)	227)	403)	(96)	(120)	6)	313)	68)	475)

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Income statement item	Description	The company
Net sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Corning Inc. net sales decreased from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024.
Operating income (loss)	The net result for the period of deducting operating expenses from operating revenues.	Corning Inc. operating income (loss) decreased from Q3 2023 to Q4 2023 but then increased from Q4 2023 to Q1 2024 exceeding Q3 2023 level.
Income (loss) before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Corning Inc. income (loss) before income taxes decreased from Q3 2023 to Q4 2023 but then increased from Q4 2023 to Q1 2024 exceeding Q3 2023 level.
Net income (loss) attributable to Corning Incorporated	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Corning Inc. net income (loss) attributable to Corning Incorporated decreased from Q3 2023 to Q4 2023 but then increased from Q4 2023 to Q1 2024 exceeding Q3 2023 level.

Corning Inc. (NYSE:GLW)

Income StatementQuarterly Data

Income Statement
Quarterly Data