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Quarterly Operating Results (Tables)
 12 Months Ended
Dec. 31, 2018
Notes Tables  
Quarterly Operating Results

(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)



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.