NEW YORK - Eastman Kodak Company (NYSE:KODK) reported fourth quarter revenue of $266 million, down 3% YoY, as the imaging company continues to face challenges in its core businesses. Shares fell 7.7% following the earnings release.
The Rochester, New York-based company saw Q4 revenue decline from $275 million in the same quarter last year. However, Kodak’s gross profit increased 9% to $51 million, with gross profit margin expanding to 19% from 17% a year ago.
GAAP net income for the quarter rose significantly to $26 million, compared to $5 million in Q4 2023. Operational EBITDA, a key metric for the company, improved to $9 million from $2 million in the prior year period.
For the full year 2024, Kodak reported revenue of $1.043 billion, down 7% from $1.117 billion in 2023. Annual GAAP net income increased 36% to $102 million.
"Kodak’s core businesses performed as expected in 2024 as we continued to execute our long-term plan, which includes increasing operational efficiency, shedding unprofitable business and investing in growth," said Jim Continenza, Kodak’s Executive Chairman and CEO.
The company ended the year with a cash balance of $201 million, down from $255 million at the end of 2023. Kodak attributed the decrease primarily to capital expenditures for growth initiatives and investments in technology systems.
Looking ahead, Kodak plans to focus on growth areas and converting historical investments into long-term returns. The company’s new cGMP facility for manufacturing pharmaceutical products is scheduled to begin production this year.
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