11.10.22
Eastman Kodak Company reported financial results for the third quarter 2022.
For the quarter ended Sept. 30, 2022, revenues were $289 million, an improvement of $2 million compared to the same period in 2021. Adjusting for the unfavorable impact of foreign exchange of $22 million in the current-year quarter, revenue increased by $24 million compared to the prior-year quarter.
The company had GAAP net income of $2 million for the quarter, compared to $8 million in the prior-year quarter. Operational EBITDA for the third quarter was $7 million, compared to $6 million in Q3 2021. Operational EBITDA was favorably impacted by the growth in revenue due to improved pricing, partially offset by higher continued ongoing global cost increases and unfavorable impact of foreign exchange.
"For the third quarter of 2022, Kodak delivered year-over-year revenue growth for the sixth consecutive quarter. I’d like to thank our loyal customers and our employees for helping us deliver these results," said Jim Continenza, Kodak’s executive chairman and CEO.
"This continuing growth reflects our management team’s experience with difficult business environments and our commitment to finding ways of putting our customers first despite ongoing inflationary and supply chain challenges,” Continenza added. “We continue to invest in digital print technologies such as the KODAK PROSPER ULTRA 520 Press, which offers offset print quality and can help printers mitigate the supply and cost risks of traditional printing plates and eliminate the significant carbon footprint associated with manufacturing and distributing them. In addition, we continue to make significant investments in our Advanced Materials & Chemicals business, such as our minority stake in Wildcat Discovery Technologies, Inc., a private technology company that is developing a breakthrough EV and energy storage ‘super cell’ battery technology."
The company had GAAP net income of $2 million for the quarter, compared to $8 million in the prior-year quarter. Operational EBITDA for the third quarter was $7 million, compared to $6 million in Q3 2021. Operational EBITDA was favorably impacted by the growth in revenue due to improved pricing, partially offset by higher continued ongoing global cost increases and unfavorable impact of foreign exchange.
For the quarter ended Sept. 30, 2022, revenues were $289 million, an improvement of $2 million compared to the same period in 2021. Adjusting for the unfavorable impact of foreign exchange of $22 million in the current-year quarter, revenue increased by $24 million compared to the prior-year quarter.
The company had GAAP net income of $2 million for the quarter, compared to $8 million in the prior-year quarter. Operational EBITDA for the third quarter was $7 million, compared to $6 million in Q3 2021. Operational EBITDA was favorably impacted by the growth in revenue due to improved pricing, partially offset by higher continued ongoing global cost increases and unfavorable impact of foreign exchange.
"For the third quarter of 2022, Kodak delivered year-over-year revenue growth for the sixth consecutive quarter. I’d like to thank our loyal customers and our employees for helping us deliver these results," said Jim Continenza, Kodak’s executive chairman and CEO.
"This continuing growth reflects our management team’s experience with difficult business environments and our commitment to finding ways of putting our customers first despite ongoing inflationary and supply chain challenges,” Continenza added. “We continue to invest in digital print technologies such as the KODAK PROSPER ULTRA 520 Press, which offers offset print quality and can help printers mitigate the supply and cost risks of traditional printing plates and eliminate the significant carbon footprint associated with manufacturing and distributing them. In addition, we continue to make significant investments in our Advanced Materials & Chemicals business, such as our minority stake in Wildcat Discovery Technologies, Inc., a private technology company that is developing a breakthrough EV and energy storage ‘super cell’ battery technology."
The company had GAAP net income of $2 million for the quarter, compared to $8 million in the prior-year quarter. Operational EBITDA for the third quarter was $7 million, compared to $6 million in Q3 2021. Operational EBITDA was favorably impacted by the growth in revenue due to improved pricing, partially offset by higher continued ongoing global cost increases and unfavorable impact of foreign exchange.