2021 Annual Report

Abstract Glass
Authors

To Our Shareholders:

In 2021, our execution resulted in year-over-year sales growth in all five reportable segments, with double-digit percentage increases in four out of the five. Throughout the year, we strengthened strategic partnerships with industry leaders, entered new product categories, and scaled operations to meet growing customer demand. We’ve entered 2022 with strong momentum and expect to grow core net sales to $15 billion for the full year, with profit growing even faster.

Full-Year Highlights

Financial Highlights

In millions, except per share amounts

 As reported - GAAPCore Performance
 202120202019202120202019
Net sales$14,082$11,303$11,503$14,120$11,452$11,656
Net income attributable to Corning Incorporated$1,906$512$960$1,811$1,237$1,578
Diluted earnings per common share attributable to Corning Incorporated$1.28$0.54$1.07$2.07$1.39$1.76

 

 

 

*Core performance measures are non-GAAP financial measures. The reconciliation between these non-GAAP measures and their most directly comparable GAAP measure is provided on pages 31 through 35 of our 2021 Form 10-K, as well as on the Company’s website. Core performance measures are adjusted to exclude the impact of changes in foreign exchange rates, as well as other items that do not reflect ongoing operations of the Company. The Company believes that the use of constant currency reporting allows investors to understand our results without the volatility of currency fluctuations, and reflects the underlying economics of the translated earnings contracts used to mitigate the impact of changes in currency exchange rates on our earnings and cash flows.

Continued Progress Across All Five Market-Access Platforms

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Optical Communications

Transforming the way the world connects Optical Communications segment sales grew 22% year over year to $4.3 billion. Growth was supported by increased spending in broadband, 5G, and cloud computing. 2021 Highlights: Introduced Corning® SMF-28® Contour fiber, an industry-first combination of superior bendability, compatibility with other fibers, and low signal loss Launched EDGE™™ Rapid Connect solutions to help hyperscale customers interconnect data centers up to 70% faster than legacy cabling methods Expanded a longtime collaboration with AT&T to extend investments in fiber infrastructure, grow U.S. broadband networks, and accelerate 5G deployment

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Mobile Consumer Electronics

Innovating the next generation of thin, tough glass-based solutions for mobile devices Specialty Materials sales grew 7% versus 2020 and surpassed $2 billion in annual sales. Since 2016, the segment has added approximately $900 million in revenue on a base of slightly more than $1.1 billion in a smartphone market that has been flat to down. 2021 Highlights: Named the most innovative company in consumer electronics for 2021 by Fast Company Expanded into a new category with Corning® Gorilla® Glass with DX and Corning® Gorilla® Glass with DX+ to optimize mobile phone cameras Awarded an additional $45 million from Apple's Advanced Manufacturing Fund for a total of $495 million

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Display

Enabling immersive viewing experiences through display glass innovation Display Technologies sales grew 17% year over year to $3.7 billion. Corning experienced the most favorable pricing environment in more than a decade. 2021 Highlights: Ramped mass production at two Gen 10.5 facilities Added melting capacity at a key facility in Chongqing, China Announced two display glass price increases in 2021

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Automotive

Helping to drive the trend toward cleaner, safer, more connected vehicles Environmental Technologies sales grew 16% versus 2020, driven by strength in heavy duty, to reach an all-time-high $1.6 billion, despite weakness in the automotive market related to semiconductor chip shortages. 2021 Highlights: Captured "More Corning" opportunities, including in the dashboard display in the Mercedes-Benz EQS, which features a Corning® Gorilla® Glass cover nearly 5 feet wide Entered a new product category with Corning® Curved Mirror Solutions, which are deployed in Hyundai Mobis' head-up display system Announced that a windshield with Corning® Gorilla® Glass is available as a factory-installed option on the Jeep® Wrangler and Jeep® Gladiator

Making a Positive Difference

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    Global Diversity, Equity & Inclusion 2021 Annual Report

    Corning is committed to leading our people, businesses, and communities to an intuitive diversity, equity, and inclusion mindset.

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    2021 Sustainability Report

    In 2021, Corning accelerated and focused its efforts to address environmental, social, and governance issues. Our 2021 Sustainability Report highlights progress against our sustainability goals.

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    Our Values

    Corning is guided by an enduring set of Values that defines our relationship with employees, customers, and communities.