Corning Incorporated announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported net sales of $2,476 million against $2,231 million a year ago. Operating income was $432 million against $87 million a year ago. Income before income taxes was $2,404 million against $169 million a year ago. Net income attributable to the company was $1,572 million against $224 million a year ago. Diluted earnings per common share attributable to the company were $1.47 against $0.17 a year ago. Net cash provided by operating activities was $1,405 million against $964 million a year ago. Capital expenditures were $294 million against $311 million a year ago. Diluted core earnings available to common stockholders were $534 million against $429 million a year ago. Core diluted earnings per common share were $0.50 against $0.34 a year ago. Adjusted cash flows from operating activities were $1,322 million. On the non-GAAP basis, net sales were $2,551 million against $2,402 million a year ago. Income before income taxes was $642 million against $448 million a year ago. Net income was $534 million or $0.50 per share against $429 or $0.34 per share a year ago.

For the year, the company reported net sales of $9,390 million against $9,111 million a year ago. Operating income was $1,391 million against $1,322 million a year ago. Income before income taxes was $3,692 million against $1,486 million a year ago. Net income attributable to the company was $3,695 million against $1,339 million a year ago. Diluted earnings per common share attributable to the company were $3.23 against $1.00 a year ago. Net cash provided by operating activities was $2,500 million against $2,809 million a year ago. Capital expenditures were $1,109 million against $1,250 million a year ago. Diluted core earnings available to common stockholders were $1,774 million against $1,882 million a year ago. Core diluted earnings per common share were $1.55 against $1.40 a year ago. Adjusted cash flows from operating activities were $2,748 million. On the non-GAAP basis, net sales were $9,710 million against $9,800 million a year ago. Income before income taxes was $2,096 million against $2,190 million a year ago. Net income was $1,774 million or $1.55 per share against $1,882 or $1.40 per share a year ago.

For full-year 2017, the company expects the rate of growth in both retail market and glass demand to be in the mid-single digit percentages. The company anticipates investing a total of about $1.5 billion in the year 2017, which is up from 2016. The company also expects effective tax rate for full year 2017 and the first quarter will be approximately 17% to 18%.

In the first quarter of 2017, the company expects its volume to increase by mid-teen percentage year over year, and decline by mid-single digit percentage sequentially. The company expects an overall favorable LCD glass price environment for the full year, with price declines more moderate than in 2016. The company expects year-over-year sales, net income, and EPS growth in the first quarter of 2017. Gross margin will be in the range of 42% to 43%, and SG&A and RD&E spending should be approximately 14% and 9% of sales, respectively.

In addition, the company expects the board to approve an increase of at least 10% per share in the annual dividend rate, in line with the framework.