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Quarterly Operating Results
 12 Months Ended
Dec. 31, 2018
Quarterly Operating Results [Abstract]  
Quarterly Operating Results

Quarterly Operating Results

(unaudited)



(In millions, except per share amounts)







 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

2018

First
quarter

 

Second
quarter

 

Third
quarter

 

Fourth
quarter

 

Total
year



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

 2,500 

 

$

 2,747 

 

$

 3,008 

 

$

 3,035 

 

$

 11,290 

Gross margin

$

 955 

 

$

 1,072 

 

$

 1,232 

 

$

 1,202 

 

$

 4,461 

Equity in earnings of affiliated companies

$

 39 

 

$

 31 

 

$

 32 

 

$

 288 

 

$

 390 

Provision for income taxes

$

 (124)

 

$

 (126)

 

$

 (133)

 

$

 (54)

 

$

 (437)

Net (loss) income attributable to Corning
  Incorporated

$

 (589)

 

$

 738 

 

$

 625 

 

$

 292 

 

$

 1,066 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic (loss) earnings per common share

$

 (0.72)

 

$

 0.87 

 

$

 0.75 

 

$

 0.27 

 

$

 1.19 

Diluted (loss) earnings per common share

$

 (0.72)

 

$

 0.78 

 

$

 0.67 

 

$

 0.26 

 

$

 1.13 







 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

2017

First
quarter

 

Second
quarter

 

Third
quarter

 

Fourth
quarter

 

Total
year



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

 2,375 

 

$

 2,497 

 

$

 2,607 

 

$

 2,637 

 

$

 10,116 

Gross margin

$

 951 

 

$

 987 

 

$

 1,050 

 

$

 1,032 

 

$

 4,020 

Equity in earnings of affiliated companies

$

 80 

 

$

 37 

 

$

 31 

 

$

 213 

 

$

 361 

Benefit (provision) for income taxes (1)

$

 66 

 

$

 (153)

 

$

 (89)

 

$

 (1,978)

 

$

 (2,154)

Net income (loss) attributable to Corning
  Incorporated

$

 86 

 

$

 439 

 

$

 390 

 

$

 (1,412)

 

$

 (497)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per common share

$

 0.07 

 

$

 0.46 

 

$

 0.41 

 

$

 (1.66)

 

$

 (0.66)

Diluted earnings (loss) per common share

$

 0.07 

 

$

 0.42 

 

$

 0.39 

 

$

 (1.66)

 

$

 (0.66)



(1)

In December 2017, the U.S. enacted the 2017 Tax Act which resulted in significant changes to our provision for income taxes during the fourth quarter of 2017.  Refer to Note 4 (Income Taxes) to the Consolidated Financial Statements for additional information.