Fourth-Quarter and Full-Year 2021 Results and Comparisons
(In millions, except per-share amounts)
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| Q4 2021 | Q3 2021 | % change | Q4 2020 | % change | Full-year 2021 | Full-year 2020 | % change | ||||||||||||||||||||||||||||
GAAP Net Sales | $ | 3,676 | $ | 3,615 | 2% | $ | 3,350 | 10% | $ | 14,082 | $ | 11,303 | 25% |
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GAAP Net Income | $ | 496 | $ | 371 | 34% | $ | 252 | 97% | $ | 1,915 | $ | 512 | 274% |
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GAAP Diluted EPS | $ | 0.57 | $ | 0.43 | 33% | $ | 0.28 | 104% | $ | 1.29 | $ | 0.54 | 139% |
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Core Sales* | $ | 3,714 | $ | 3,639 | 2% | $ | 3,328 | 12% | $ | 14,120 | $ | 11,452 | 23% |
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Core Net Income* | $ | 465 | $ | 485 | (4%) | $ | 462 | 1% | $ | 1,811 | $ | 1,237 | 46% |
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Core EPS* | $ | 0.54 | $ | 0.56 | (4%) | $ | 0.52 | 4% | $ | 2.07 | $ | 1.39 | 49% |
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*Core performance measures are non-GAAP financial measures. The reconciliation between GAAP and non-GAAP measures is provided in the tables following this news release, as well as on the company’s website. The largest difference between our GAAP and core results stemmed from restructuring charges, which are primarily non-cash, as well as non-cash, mark-to-market losses associated with the company’s currency-hedging contracts.
Fourth-Quarter Segment Results
Optical Communications
|
| Q4 2021 | Q3 2021 | % change | Q4 2020 | % change | Full-year 2021 | Full-year 2020 | % change | ||||||||||||||||||||||||||||
GAAP Net Sales |
| $ | 3,676 |
| $ | 3,615 |
| 2% |
| $ | 3,350 |
| 10% | $ | 14,082 |
| $ | 11,303 |
| 25% |
| ||||||||||||||||
GAAP Net Income |
| $ | 496 |
| $ | 371 |
| 34% |
| $ | 252 |
| 97% | $ | 1,915 |
| $ | 512 |
| 274% |
| ||||||||||||||||
GAAP Diluted EPS |
| $ | 0.57 |
| $ | 0.43 |
| 33% |
| $ | 0.28 |
| 104% | $ | 1.29 |
| $ | 0.54 |
| 139% |
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Core Sales* |
| $ | 3,714 |
| $ | 3,639 |
| 2% |
| $ | 3,328 |
| 12% | $ | 14,120 |
| $ | 11,452 |
| 23% |
| ||||||||||||||||
Core Net Income* |
| $ | 465 |
| $ | 485 |
| (4%) |
| $ | 462 |
| 1% | $ | 1,811 |
| $ | 1,237 |
| 46% |
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Core EPS* |
| $ | 0.54 |
| $ | 0.56 |
| (4%) |
| $ | 0.52 |
| 4% | $ | 2.07 |
| $ | 1.39 |
| 49% |
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In Optical Communications, 5G, broadband, and cloud computing continue to drive strong growth. Increased raw material and shipping costs significantly impacted profitability in the second half of the year.
Display Technologies
|
| Q4 2021 |
| Q3 2021 |
| % change |
| Q4 2020 |
| % change |
|
| Full-year 2021 |
| Full-year 2020 | % change | |||||||||||||
Net Sales |
| $ | 942 |
| $ | 956 |
| (1%) |
| $ | 841 |
| 12% |
| $ | 3,700 |
| $ | 3,172 |
| 17% |
| |||||||
Net Income Before Tax |
| $ | 317 |
| $ | 311 |
| 2% |
| $ | 274 |
| 16% |
| $ | 1,209 |
| $ | 907 |
| 33% |
| |||||||
Net Income |
| $ | 252 |
| $ | 247 |
| 2% |
| $ | 217 |
| 16% |
| $ | 960 |
| $ | 717 |
| 34% |
| |||||||
During the fourth quarter and full year, the glass pricing environment remained favorable. Gen 10.5 capacity ramps contributed to strong volume growth that outpaced the glass market.
Environmental Technologies
|
| Q4 2021 |
| Q3 2021 |
| % change |
| Q4 2020 |
| % change |
|
| Full-year 2021 |
| Full-year 2020 | % change | |||||||||||||
Net Sales |
| $ | 353 |
| $ | 385 |
| (8%) |
| $ | 445 |
| (21%) |
| $ | 1,586 |
| $ | 1,370 |
| 16% |
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Net Income Before Tax |
| $ | 69 |
| $ | 76 |
| (9%) |
| $ | 118 |
| (42%) |
| $ | 341 |
| $ | 249 |
| 37% |
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Net Income |
| $ | 54 |
| $ | 60 |
| (10%) |
| $ | 93 |
| (42%) |
| $ | 269 |
| $ | 197 |
| 37% |
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In Environmental Technologies, fourth-quarter sales were down sequentially and year over year, as a result of lower production levels in the automotive industry due to the semiconductor chip shortage. Full-year growth was driven primarily by strong performance in heavy duty.
Specialty Materials
|
| Q4 2021 |
| Q3 2021 |
| % change |
| Q4 2020 |
| % change |
|
| Full-year 2021 |
| Full-year 2020 | % change | |||||||||||||
Net Sales |
| $ | 518 |
| $ | 556 |
| (7%) |
| $ | 545 |
| (5%) |
| $ | 2,008 |
| $ | 1,884 |
| 7% |
| |||||||
Net Income Before Tax |
| $ | 117 |
| $ | 135 |
| (13%) |
| $ | 173 |
| (32%) |
| $ | 470 |
| $ | 536 |
| (12%) |
| |||||||
Net Income |
| $ | 92 |
| $ | 107 |
| (14%) |
| $ | 136 |
| (32%) |
| $ | 371 |
| $ | 423 |
| (12%) |
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In Specialty Materials, fourth-quarter sales were down sequentially on typical seasonality. Full-year sales were up, driven by continued strong sales of premium cover materials. Net income was down for the fourth quarter and full year, driven by increased investments in innovation programs that are moving toward commercialization.
Life Sciences
|
| Q4 2021 |
| Q3 2021 |
| % change |
| Q4 2020 |
| % change |
|
| Full-year 2021 |
| Full-year 2020 | % change | |||||||||||||
Net Sales |
| $ | 317 |
| $ | 305 |
| 4% |
| $ | 274 |
| 16% |
| $ | 1,234 |
| $ | 998 |
| 24% |
| |||||||
Net Income Before Tax |
| $ | 61 |
| $ | 57 |
| 7% |
| $ | 53 |
| 15% |
| $ | 245 |
| $ | 176 |
| 39% |
| |||||||
Net Income |
| $ | 49 |
| $ | 45 |
| 9% |
| $ | 42 |
| 17% |
| $ | 194 |
| $ | 139 |
| 40% |
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In Life Sciences, fourth-quarter and full-year sales were up, as a result of ongoing increased demand to support the global pandemic response, continued recovery in research labs, and strong demand for bioproduction vessels and diagnostic-related consumables.
All Other
|
| Q4 2021 |
| Q3 2021 |
| % change |
| Q4 2020 |
| % change |
|
| Full-year 2021 |
| Full-year 2020 | % change | |||||||||||||
Net Sales |
| $ | 378 |
| $ | 306 |
| 24% |
| $ | 247 |
| 53% |
| $ | 1,243 |
| $ | 465 |
| 167% |
| |||||||
Net Income Before Tax |
| $ | (8) |
| $ | (4) |
| (100%) |
| $ | (37) |
| 78% |
| $ | (62) |
| $ | (272) |
| 77% |
| |||||||
Net Income |
| $ | (7) |
| $ | (5) |
| (40%) |
| $ | (29) |
| 76% |
| $ | (51) |
| $ | (214) |
| 76% |
| |||||||
In Corning’s Other segment, fourth-quarter sales were up, driven by strong performance in Hemlock Semiconductor Group, which Corning began to consolidate in Sept. 2020. Hemlock [continued to see strong demand] for semiconductor products, along with new demand for solar grade polysilicon. Automotive Glass Solutions and Corning Pharmaceutical Technologies also contributed to year-over-year growth.
