Kodak reveals Q3 financial results
Eastman Kodak has posted a third-quarter year-on-year growth for the sixth consecutive quarter, despite what the company said has been a difficult business environment with factors such as increased labour and materials costs and the impact of foreign exchange affecting profitability.
23 Nov 2022 | By Noel D'Cunha
The third quarter of 2022 highlight included consolidated revenues of USD 289-million, an improvement of USD 2-million compared to the same period in 2021. Adjusting for the unfavourable impact of foreign exchange of USD 22 million in the current year, revenue increased by USD 24 million compared to the prior year.
The company had GAAP net income of USD 2-million for the quarter, compared to USD 8-million in the prior-year quarter. Operational EBITDA for the third quarter was USD 7-million, compared to USD 6-million in Q3 2021. Operational EBITDA was favourably impacted by the growth in revenue due to improved pricing, partially offset by higher continued ongoing global cost increases and the unfavourable impact of foreign exchange.
Jim Continenza, Kodak’s executive chairman and CEO, said, "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.”
He added, "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 expressed his company’s intent on investment in digital print technologies such as the Kodak Prosper ULTRA 520 Press, which, he said, 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 and chemicals business, such as our minority stake in Wildcat Discovery Technologies, a private technology company developing a breakthrough EV and energy storage super cell battery technology. Looking forward, we’ll continue to make strategic decisions focused on driving smart revenue for Kodak,” Continenza explained.
Last month PrintWeek reported that Kodak had updated its fastest platesetter, Magnus Q800, yet again with T-speed Plus, offering a throughput of up to 84 B1 or 8-up plates per hour (pph). Speaking to PrintWeek, Bhalchandra Nikumb of Kodak India Cluster said that the Magnus Q800 platesetter has already been installed at customer sites and can be upgraded to the new top speed on-site. “It’s available for installation in India too.”