Corning Inc. (GLW, Financial) filed Quarterly Report for the period ended 2011-03-31.
Corning Inc. has a market cap of $32.94 billion; its shares were traded at around $21.04 with a P/E ratio of 10.2 and P/S ratio of 5. The dividend yield of Corning Inc. stocks is 1%. Corning Inc. had an annual average earning growth of 4.9% over the past 5 years.
The decrease in net income for the three months ended March 31, 2011, was offset somewhat by approximately $50 million from the favorable impact of movements in foreign exchange rates and the absence of a $56 million charge for the reversal of the deferred tax asset associated with a subsidy for certain retiree medical benefits recorded in the first quarter of 2010.
Capital spending totaled $532 million and $173 million for the three months ended March 31, 2011 and 2010, respectively. Spending increased in the first quarter of 2011 largely as a result of several multi-year investment plans announced in 2010 which will increase manufacturing capacity in several of our operating segments. Specifically, the increase in spending in the first quarter of 2011 was driven by construction costs for a LCD glass substrate facility in China for our Display Technologies segment and a capacity expansion project for Specialty Materials CorningĂ’ GorillaĂ’ glass in Japan. We expect our 2011 capital spending to be approximately $2.4 billion to $2.7 billion. Approximately $1.2 billion to $1.5 billion will be directed toward our Display Technologies segment.
In the first quarter of 2011, we recorded a $5 million charge to our asbestos litigation liability compared to a $52 million credit for the same period last year. The net decrease in the asbestos settlement liability in the three months ended March 31, 2010 was due to a change in the terms of the proposed settlement that reduced the amount of cash expected to be contributed to the settlement. For additional information on this matter, refer to Note 3 (Commitments and Contingencies) to the consolidated financial statements and Part II – Other Information, Item 1. Legal Proceedings.
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Corning Inc. has a market cap of $32.94 billion; its shares were traded at around $21.04 with a P/E ratio of 10.2 and P/S ratio of 5. The dividend yield of Corning Inc. stocks is 1%. Corning Inc. had an annual average earning growth of 4.9% over the past 5 years.
Highlight of Business Operations:
For the three months ended March 31, 2011, we generated net income of $748 million or $0.47 per share compared to net income of $816 million or $0.52 per share for the same period in 2010. When compared to the same period last year, the decrease in net income in the first quarter of 2011 was due largely to the following items:The decrease in net income for the three months ended March 31, 2011, was offset somewhat by approximately $50 million from the favorable impact of movements in foreign exchange rates and the absence of a $56 million charge for the reversal of the deferred tax asset associated with a subsidy for certain retiree medical benefits recorded in the first quarter of 2010.
Capital spending totaled $532 million and $173 million for the three months ended March 31, 2011 and 2010, respectively. Spending increased in the first quarter of 2011 largely as a result of several multi-year investment plans announced in 2010 which will increase manufacturing capacity in several of our operating segments. Specifically, the increase in spending in the first quarter of 2011 was driven by construction costs for a LCD glass substrate facility in China for our Display Technologies segment and a capacity expansion project for Specialty Materials CorningĂ’ GorillaĂ’ glass in Japan. We expect our 2011 capital spending to be approximately $2.4 billion to $2.7 billion. Approximately $1.2 billion to $1.5 billion will be directed toward our Display Technologies segment.
In the first quarter of 2011, we recorded a $5 million charge to our asbestos litigation liability compared to a $52 million credit for the same period last year. The net decrease in the asbestos settlement liability in the three months ended March 31, 2010 was due to a change in the terms of the proposed settlement that reduced the amount of cash expected to be contributed to the settlement. For additional information on this matter, refer to Note 3 (Commitments and Contingencies) to the consolidated financial statements and Part II – Other Information, Item 1. Legal Proceedings.
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