Corning Inc. announced FY16 Q4 GAAP net sales at $2.47 bn with GAAP net incomes of $1.57 bn, resulting in a very healthy net margin of 63%. The quarterly net sales declined marginally by 1% from previous quarter’s figures while the net income jumped by 454% over previous quarter’s figure of $284.0 mn.
The full FY16 GAAP net sales amounted to $9.4 bn with GAAP net income of $3.7 bn, resulting in a net margin of 40%. The annual net sales were higher by 3% over the FY15 figure, while the net income was higher by 176% over the FY15 corresponding figure.
The display technologies segment also witnessed strong growth in FY16 Q4 with GAAP net sales of $830 mn and net income of $243 mn. For the full financial year 2016, the segment contributed net sales of $3.2 bn amounting to 34% of the group sales.
