CORNING INC /NY | 2013 | FY | 3


Quarterly Operating Results

(unaudited)

(In millions, except per share amounts)

2013
First
quarter
 
Second
quarter
 
Third
quarter
 
Fourth
quarter
 
Total
year
                             
Net sales
$
1,814 
 
$
1,982 
 
$
2,067 
 
$
1,956 
 
$
7,819 
Gross margin
$
770 
 
$
883 
 
$
901 
 
$
770 
 
$
3,324 
Restructuring, impairment and other credits
                 
$
67 
 
$
67 
Asbestos litigation charges
$
 
$
 
$
 
$
 
$
19 
Equity in earnings of affiliated companies
$
173 
 
$
166 
 
$
138 
 
$
70 
 
$
547 
Provision for income taxes
$
(34)
 
$
(191)
 
$
(141)
 
$
(146)
 
$
(512)
Net income attributable to Corning Incorporated
$
494 
 
$
638 
 
$
408 
 
$
421 
 
$
1,961 
                             
Basic earnings per common share
$
0.33 
 
$
0.43 
 
$
0.28 
 
$
0.30 
 
$
1.35 
Diluted earnings per common share
$
0.33 
 
$
0.43 
 
$
0.28 
 
$
0.30 
 
$
1.34 

2012
First
quarter
 
Second
quarter
 
Third
quarter
 
Fourth
quarter
 
Total
year
                             
Net sales
$
1,920 
 
$
1,908 
 
$
2,038 
 
$
2,146 
 
$
8,012 
Gross margin*
$
824 
 
$
808 
 
$
889 
 
$
798 
 
$
3,319 
Restructuring, impairment and other charges*
                 
$
133 
 
$
133 
Asbestos litigation charges
$
 
$
 
$
 
$
 
$
14 
Equity in earnings of affiliated companies
$
218 
 
$
259 
 
$
240 
 
$
93 
 
$
810 
Provision for income taxes*
$
(118)
 
$
(100)
 
$
(94)
 
$
(28)
 
$
(339)
Net income attributable to Corning Incorporated*
$
474 
 
$
474 
 
$
533 
 
$
155 
 
$
1,636 
                             
Basic earnings per common share*
$
0.31 
 
$
0.31 
 
$
0.36 
 
$
0.11 
 
$
1.10 
Diluted earnings per common share*
$
0.31 
 
$
0.31 
 
$
0.36 
 
$
0.10 
 
$
1.09 

*Includes impact of defined benefit pension plan methodology change implemented in the first quarter of 2013 and retrospectively applied to prior periods.


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