Kodak Reports Third-Quarter 2024 Financial Results

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Eastman Kodak
Eastman Kodak

ROCHESTER, N.Y., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Eastman Kodak Company (NYSE: KODK) today reported financial results for the third quarter 2024.

Third-quarter 2024 highlights include:

  • Consolidated revenues of $261 million, compared with $269 million for Q3 2023, a decrease of $8 million or 3 percent

  • Gross profit of $45 million, compared with $50 million for Q3 2023, a decrease of $5 million or 10 percent

  • Gross profit percentage of 17 percent, compared with 19 percent for Q3 2023, a decrease of 2 percentage points

  • GAAP net income of $18 million, compared with net income of $2 million for Q3 2023, an increase of $16 million or 800 percent

  • Operational EBITDA of $1 million, compared with $12 million for Q3 2023, a decrease of $11 million or 92 percent

  • A quarter-end cash balance of $214 million, compared with $255 million on December 31, 2023, a decrease of $41 million

“In the third quarter, Kodak continued to focus on the fundamentals of our long-term strategic plan: increasing operating efficiency, investing in innovation and driving smart revenue,” said Jim Continenza, Kodak’s Executive Chairman and CEO. “Our Advanced Materials & Chemicals group continues to emerge as a key part of our future and we continue to invest in AM&C growth initiatives, including the cGMP facility for manufacturing pharmaceutical ingredients currently nearing completion at Eastman Business Park. Our legacy AM&C film business is growing rapidly, and we are investing capex to increase capacity to meet demand. In our commercial print business, we recently received an affirmative determination from the U.S. International Trade Commission in our tariff cases concerning imports of aluminum printing plates from Japan and China. This is an important win for the U.S. printing industry and Kodak because it establishes a level playing field in the U.S. plates business which will allow us to continue providing our customers with reliable supplies of high-quality plates. We continue to gain momentum with our groundbreaking continuous inkjet press portfolio. Looking forward, we will continue to invest in streamlining our operations and developing the leading-edge products our customers expect from Kodak.”

For the quarter ended September 30, 2024, revenues were $261 million, a decrease of $8 million or 3 percent compared to the same period in 2023. Excluding the impact of foreign exchange, revenue declined $9 million or 3 percent.

GAAP net income was $18 million for the quarter, compared to $2 million in Q3 2023, an increase of $16 million or 800 percent. Operational EBITDA for the quarter ended September 30, 2024 was $1 million, compared to $12 million in Q3 2023, a decrease of $11 million. The decrease was primarily driven by higher manufacturing costs driven by an increase in aluminum costs, changes in employee benefit reserves, inventory reserve adjustment, as well as an increase in costs associated with certain litigation matters.