In millions, except per share amounts
To Our Shareholders:
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.
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.
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Financial Highlights
Financial Highlights
| ? | As reported - GAAP | Core Performance | ||||
|---|---|---|---|---|---|---|
| ? | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 |
| 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
Optical Communications
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
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
Mobile Consumer Electronics
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
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
Display
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
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
Automotive
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
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
Life Sciences
Life Sciences
Delivering solutions that enable life-changing, lifesaving medicine
?
Corning delivered all-time-high annual sales in the Life Sciences segment of more than $1.2 billion in 2021 – up 24% year over year. At the same time, the company made progress on its multibillion-dollar content opportunity in its pharmaceutical packaging business.
?
2021 Highlights:
- Introduced Corning Velocity??Vials, which helped drive faster manufacturing of COVID-19 vaccines to meet global demand
- Advanced its comprehensive, end-to-end pharmaceutical packaging portfolio, which has enabled the delivery of nearly 5 billion doses of COVID-19 vaccines
- Began production in two new facilities – manufacturing pharmaceutical-grade vials in Durham, North Carolina, U.S., and tubing in Bengbu, China
Delivering solutions that enable life-changing, lifesaving medicine
?
Corning delivered all-time-high annual sales in the Life Sciences segment of more than $1.2 billion in 2021 – up 24% year over year. At the same time, the company made progress on its multibillion-dollar content opportunity in its pharmaceutical packaging business.
?
2021 Highlights:
- Introduced Corning Velocity? Vials, which helped drive faster manufacturing of COVID-19 vaccines to meet global demand
- Advanced its comprehensive, end-to-end pharmaceutical packaging portfolio, which has enabled the delivery of nearly 5 billion doses of COVID-19 vaccines
- Began production in two new facilities – manufacturing pharmaceutical-grade vials in Durham, North Carolina, U.S., and tubing in Bengbu, China
Making a Positive Difference
Global Diversity, Equity & Inclusion 2021 Annual Report
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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Corning is committed to leading our people, businesses, and communities to an intuitive diversity, equity, and inclusion mindset.
Learn More >
2021 Sustainability Report
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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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.
Learn More >
Our Values
Our Values
Corning is guided by an enduring set of Values that defines our relationship with employees, customers, and communities.
Learn More >
Corning is guided by an enduring set of Values that defines our relationship with employees, customers, and communities.
Learn More >