Kodak Q1 Report 2024
Kodak Company today reported financial results for the first quarter of 2024.
“For the first quarter, Kodak continued to build on its strong foundation, generating cash and delivering a gross profit percentage of 20 percent, which reflects our ongoing commitment to improving operational efficiency,” said Jim Continenza, Kodak’s Executive Chairman and CEO. “Sticking to our long-term strategic plan, we continue to invest in innovation in our core businesses of print and advanced materials and chemicals. In print, we will showcase exciting new products for both offset and digital print this month at the Drupa tradeshow in Germany. No one can match our unique ability to help customers successfully integrate offset and digital capabilities as the print industry evolves. In AM&C, we are committed to our film business and are expanding our manufacturing capacity to meet the growing demand for both still and motion picture film. At the same time, we are setting the stage for Kodak as a growth company by investing in a number of AM&C initiatives that leverage our unmatched knowledge of chemicals, layering and coating and vast manufacturing infrastructure. Looking ahead, we plan to continue our momentum by meeting the needs of our customers today and investing in growth for the next generation.”
Highlights
- Consolidated revenues of $249 million, compared with $278 million for Q1 2023, a decrease of $29 million or 10 percent
- Gross profit of $49 million, compared with $50 million for Q1 2023, a decrease of $1 million or 2 percent
- Gross profit percentage of 20 percent, compared with 18 percent for Q1 2023, an increase of 2 percentage points
- GAAP net income of $32 million, compared with net income of $33 million for Q1 2023, a decrease of $1 million or 3 percent
- Operational EBITDA of $4 million, compared with $9 million for Q1 2023, a decrease of $5 million or 56 percent
- A quarter-end cash balance of $262 million, compared with $255 million on December 31, 2023, an increase of $7 million; cash flow from operations improved by $3 million from the prior period
