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![Corning Inc [GLW] reports annual net loss of $648.0 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FGLW.png&w=1200&q=75)
CORNING INC /NY [GLW] has reported a net loss of $648.0 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $12.6 billion
Based in CORNING, New York, CORNING INC /NY operates in the MANUFACTURING sector.
The report below provides a factual comparison of the financial performance of Corning Incorporated for the 12 months ended December 31, 2023, with the same period in the previous year, stated in millions of dollars:
- Net sales for the current period amounted to $12.588 million compared to $14.189 million in the previous year, reflecting a decrease from the prior period.
- Cost of sales for the current period stood at $8.657 million, lower than the $9.683 million recorded in the previous year.
- Gross margin for the current period was $3.931 million, down from $4.506 million in the prior year.
- Operating income for the current period was $890 million, a decrease from $1.438 million in the previous year.
- Net income attributable to Corning Incorporated for the current period was $581 million, a decrease from $1.316 million in the prior year.
- Earnings per common share available to common shareholders for the current period were $0.69 for basic and $0.68 for diluted, compared to $1.56 and $1.54, respectively, in the previous year.
Overall, Corning Incorporated experienced a decline in net sales, gross margin, operating income, net income, and earnings per share in the 12 months ended December 31, 2023, compared to the same period in 2022.
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