ROCHESTER, N.Y. – Eastman Kodak Firm (NYSE: KODK) disclosed its first-quarter monetary efficiency for 2024, revealing a ten% decline in income in comparison with the identical interval final yr. The corporate’s income stood at $249 million, down from $278 million within the first quarter of 2023. Regardless of the lower in income, Kodak reported an adjusted earnings per share (EPS) of $0.30 for the quarter.
Kodak’s gross revenue noticed a slight lower of two%, amounting to $49 million, in contrast with $50 million within the earlier yr. The gross revenue proportion, nonetheless, improved from 18% to twenty%, indicating a extra environment friendly price administration. The GAAP web earnings for the corporate was $32 million, a marginal decline of three% from the primary quarter of the earlier yr.
Operational EBITDA skilled a extra important drop of 56%, falling to $4 million from $9 million in Q1 2023. This decline was primarily resulting from decrease volumes and elevated funding in info know-how programs geared toward driving operational efficiencies. Regardless of these investments, Kodak managed to extend its quarter-end money stability to $262 million, up from $255 million on the finish of December 2023.
Jim Continenza, Kodak’s Government Chairman and CEO, commented on the corporate’s dedication to operational effectivity and innovation in its core companies. “We proceed to put money into innovation in our core companies of print and superior supplies and chemical substances,” stated Continenza. He additionally highlighted the corporate’s plans to showcase new merchandise on the upcoming drupa tradeshow in Germany.
David Bullwinkle, Kodak’s CFO, emphasised the development in gross revenue proportion and the corporate’s give attention to streamlining operations. “Operational EBITDA for the quarter was impacted by important investments in automation and simplification of back-office features,” Bullwinkle said, outlining the corporate’s technique for the rest of the yr.
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Following the earnings launch, Kodak’s inventory skilled a slight lower of 1.48%. The modest market response means that buyers are cautiously digesting the blended monetary outcomes, which included each income decline and a steady gross revenue margin.
As Kodak continues to put money into its strategic plan and operational enhancements, the corporate stays centered on assembly buyer wants at the moment whereas investing for development sooner or later.
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