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Corning Incorporated (GLW-0.93%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing net sales of $13.1 billion, an increase from $12.6 billion in the previous year. The increase was primarily driven by higher sales in the Optical Communications and Display Technologies segments.
Cost of sales for the year was $8.8 billion, representing 67% of sales, compared to 69% in the previous year. This improvement was due to management actions to improve profitability, including raising prices and normalizing inventory levels.
The company reported a gross margin of $4.3 billion for the year, compared to $3.9 billion in the previous year, with the improvement attributed to increased net sales and cost management.
Selling, general, and administrative expenses increased to $1.9 billion from $1.8 billion, primarily due to higher net sales.
Net income for the year was $592 million, down from $648 million in the previous year. After accounting for non-controlling interest, net income attributable to Corning Incorporated was $506 million, compared to $581 million in the previous year.
Cash provided by operating activities was $1.9 billion, while cash used in investing and financing activities was $744 million and $1.2 billion, respectively.
Corning had a working capital of $3.1 billion as of December 31, 2024, reflecting an increase from $2.9 billion in the previous year.
The filing also details various financial agreements, including a revolving credit agreement and outstanding debt instruments.
Corning's report highlights its five reportable segments: Optical Communications, Display Technologies, Specialty Materials, Environmental Technologies, and Life Sciences, with Optical Communications and Display Technologies being the largest contributors to net sales.
The company identified a need to manage risks associated with foreign currency fluctuations, supply chain disruptions, and legal matters, as outlined in the risk factors section of the filing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Corning Incorporated annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.