For us, this increased GAAP earnings in Q4 by $86 million.
We've received more than $1.8 billion in cash under our hedge contracts since their inception more than five years ago.
For the fourth quarter, sales were $3.7 billion, up 12% year over year.
We generated earnings per share of $0.54 and free cash flow of $425 million.
For the full year, sales were $14.1 billion, up 23% year over year.
We generated earnings per share of $2.07, up 49% year over year.
In addition, we achieved double-digit ROIC, we expanded our operating margin by 230 basis points, we increased our dividend by 9% and we reduced our outstanding shares by 5% through the resumption of share repurchases.
I am pleased to report we had another strong quarter of Display revenues and profits in Quarter 4.
In 2022, we expect overall glass supply to remain tight to balanced and the pricing environment to remain favorable.
Since 2019, we've grown sales by 21% and earnings per share by 18% with more balanced and consistent contributions across our businesses.
In Optical Communications, we've returned to growth with sales up 22% in 2021.
For example, the recently passed U.S. infrastructure bill allocates $65 billion in new spending for broadband infrastructure, including $42 billion for new network builds.
infrastructure plans roll out, it could add as much as $1 billion a year to the market for four years starting as early as 2023.
In Life Sciences, we're delivering growth on multiple fronts with sales up 24% in 2021.
In fact, our portfolio has enabled the delivery of nearly 5 billion doses of COVID-19 vaccines so far.
In automotive, 2021 sales in our Environmental Technologies segment increased 16% to reach an all-time high $1.6 billion despite weakness in the automotive market related to chip shortages.
This innovation is enabling the augmented reality head-up display in Hyundai's electric crossover, the IONIQ 5.
Since 2017, Environmental Technologies sales have increased more than 40% while global car sales had decreased by 20%.
Let's turn to mobile consumer electronics, where 2021 sales increased 7%, and we surpassed the $2 billion in sales for the first time.
Since 2016, Specialty Materials has added nearly $900 million on a base of $1.1 billion in a smartphone market that has been flat to down.
In 2021, more than 125 devices, including smartphones, wearables, tablets, and laptops, launched featuring Gorilla Glass.
Finally, in 2021, Apple awarded Corning an additional $45 million from its Advanced Manufacturing Fund.
To date, Corning has received $495 million in total from Apple's fund.
2021 sales grew 17% to $3.7 billion.
Our volume exceeded glass market growth as we ramped Gen 10.5 facilities that supply glass for large-sized TVs, which are expected to grow at a high-teens compound annual growth rate over the next several years.
In Reynosa, Mexico, for example, we helped administer more than 100,000 doses of vaccines and boosters to employees and community members.
And we provided more than 200,000 diagnostic tests for employees around the world.
We kicked off a five-year, $5.5 million partnership with the nation's largest historically black university, North Carolina A&T.
Of course, to keep advancing during Corning's next 170 years, we must focus on growing and developing our leaders.
For the full year, sales increased 23% and earnings per share was up 49%.
Since 2019, we have grown sales by 21% and earnings per share by 18%.
We nearly doubled free cash flow to $1.8 billion, which is a conversion rate of 97% for the year.
We increased our dividend 9%, and we reduced our outstanding shares by 5% through the resumption of share repurchases.
In the fourth quarter, gross margin was 36.5%, down 180 basis points sequentially.
We expect to expand gross margin percent throughout the year.
Fourth-quarter sales were up 7% sequentially, exceeding $1.2 billion.
Net income increased to 12%.
For the full year, sales grew 22% to $4.3 billion, and net income was up 51%.
Full-year net income grew 51% driven by the incremental volume despite cost headwinds related to materials and logistics.
We're entering 2022 with a sales run rate 25% higher than where we started in 2021, and we have a strong order book.
In the fourth quarter, sales were $942 million, up 12% year over year, and net income was $252 million, up 16% year over year.
For the full year, sales were $3.7 billion, up 17% year over year.
Net income reached $960 million, up 34% year over year.
In Environmental Technologies, fourth-quarter sales were $353 million, down 9% sequentially and 21% year over year.
Fourth-quarter net income was $54 million, down 10% sequentially and 42% year over year on lower sales volume.
Full-year sales were nearly $1.6 billion, up 16% year over year, primarily driven by strength in heavy-duty diesel and greater adoption of gas particulate filters.
For the full year, net income was $269 million, up 37% year over year.
Sales were $518 million, down 7% sequentially on normal seasonality.
Sales were down 5% year over year versus a strong Q4 in 2020 following the launch of Ceramic Shield.
Fourth-quarter net income was $92 million, down sequentially and year over year, driven by the lower sales volume.
Full-year sales were up 7% and exceeded $2 billion driven by continued strong sales of premium cover materials.
Over that five-year period, we've added nearly $900 million in sales on a base of $1.1 billion.
Looking ahead, in 2022, we expect sales to grow faster than our underlying markets driven by continuing adoption of our innovations and growth in advanced optics, specifically in products for EUV lithography.
And finally, turning to Life Sciences, we had a great year with total sales topping $1.2 billion, up 24% year over year.
Fourth-quarter sales were $317 million, up 16% year over year.
Full-year net income was $194 million, up 40%.
Fourth-quarter net income was $49 million, up 17% year over year.
We expect sales to be in the range of $3.5 billion to $3.7 billion and earnings per share in the range of $0.48 to $0.53.
For the full year, we expect sales of approximately $15 billion and profit to grow faster than sales.
In 2022, we expect to keep capex consistent with 2021.
In 2022, we expect to increase our dividend per share by approximately $0.10.
And we expect to continue opportunistic share repurchases, building on the 5% of outstanding shares we repurchased in 2021.

Summary:
For the fourth quarter, sales were $3.7 billion, up 12% year over year.
We generated earnings per share of $0.54 and free cash flow of $425 million.
In 2022, we expect overall glass supply to remain tight to balanced and the pricing environment to remain favorable.
We expect to expand gross margin percent throughout the year.
In the fourth quarter, sales were $942 million, up 12% year over year, and net income was $252 million, up 16% year over year.
Looking ahead, in 2022, we expect sales to grow faster than our underlying markets driven by continuing adoption of our innovations and growth in advanced optics, specifically in products for EUV lithography.
And finally, turning to Life Sciences, we had a great year with total sales topping $1.2 billion, up 24% year over year.
We expect sales to be in the range of $3.5 billion to $3.7 billion and earnings per share in the range of $0.48 to $0.53.
For the full year, we expect sales of approximately $15 billion and profit to grow faster than sales.
In 2022, we expect to keep capex consistent with 2021.