STOCK TITAN

Kodak Reports Fourth-Quarter and Full-Year 2024 Financial Results

Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags

Kodak (NYSE: KODK) has reported its Q4 and full-year 2024 financial results. Q4 2024 showed mixed performance with revenues of $266M (down 3% YoY), but improved gross profit of $51M (up 9%) and net income of $26M (up 420%).

Full-year 2024 results revealed: revenues of $1.043B (down 7% YoY), gross profit of $203M (down 3%), net income of $102M (up 36%), and Operational EBITDA of $26M (down 42%). The company's cash position decreased to $201M from $255M year-over-year.

Key developments include the planned termination of Kodak Retirement Income Plan by March 31, 2025, and ongoing investments in growth initiatives, particularly in the AM&C group's new cGMP facility for pharmaceutical products. The film business continues to expand, with additional capacity investments planned to meet demand.

Kodak (NYSE: KODK) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024. Il quarto trimestre 2024 ha mostrato una performance mista con ricavi di $266 milioni (in calo del 3% rispetto all'anno precedente), ma un profitto lordo migliorato di $51 milioni (in aumento del 9%) e un reddito netto di $26 milioni (in aumento del 420%).

I risultati dell'anno intero 2024 hanno rivelato: ricavi di $1.043 miliardi (in calo del 7% rispetto all'anno precedente), profitto lordo di $203 milioni (in calo del 3%), reddito netto di $102 milioni (in aumento del 36%) e EBITDA operativo di $26 milioni (in calo del 42%). La posizione di cassa dell'azienda è diminuita a $201 milioni da $255 milioni rispetto all'anno precedente.

Tra gli sviluppi chiave si evidenzia la pianificata cessazione del Kodak Retirement Income Plan entro il 31 marzo 2025 e gli investimenti in corso in iniziative di crescita, in particolare nella nuova struttura cGMP del gruppo AM&C per prodotti farmaceutici. Il business del film continua ad espandersi, con investimenti aggiuntivi previsti per soddisfare la domanda.

Kodak (NYSE: KODK) ha reportado sus resultados financieros del cuarto trimestre y del año completo 2024. El cuarto trimestre 2024 mostró un desempeño mixto con ingresos de $266 millones (una disminución del 3% interanual), pero una mejora en el beneficio bruto de $51 millones (un aumento del 9%) y un ingreso neto de $26 millones (un aumento del 420%).

Los resultados del año completo 2024 revelaron: ingresos de $1.043 mil millones (una disminución del 7% interanual), beneficio bruto de $203 millones (una disminución del 3%), ingreso neto de $102 millones (un aumento del 36%) y EBITDA operativo de $26 millones (una disminución del 42%). La posición de efectivo de la compañía disminuyó a $201 millones desde $255 millones en comparación con el año anterior.

Los desarrollos clave incluyen la terminación planificada del Kodak Retirement Income Plan para el 31 de marzo de 2025 y las inversiones en curso en iniciativas de crecimiento, particularmente en la nueva instalación cGMP del grupo AM&C para productos farmacéuticos. El negocio del cine continúa expandiéndose, con inversiones adicionales planeadas para satisfacer la demanda.

코닥 (NYSE: KODK)은 2024년 4분기 및 연간 재무 결과를 발표했습니다. 2024년 4분기는 2억 6,600만 달러의 수익(전년 대비 3% 감소)과 5,100만 달러의 매출 총이익(9% 증가), 2,600만 달러의 순이익(420% 증가)으로 혼합된 실적을 보였습니다.

2024년 전체 결과는 10억 4,300만 달러의 수익(전년 대비 7% 감소), 2억 3백만 달러의 매출 총이익(3% 감소), 1억 200만 달러의 순이익(36% 증가), 2,600만 달러의 운영 EBITDA(42% 감소)를 나타냈습니다. 회사의 현금 보유액은 전년 대비 2억 1백만 달러에서 2억 5,500만 달러로 감소했습니다.

주요 개발 사항으로는 2025년 3월 31일까지 코닥 퇴직 소득 계획의 종료가 계획되어 있으며, 특히 AM&C 그룹의 제약 제품을 위한 새로운 cGMP 시설에 대한 성장 이니셔티브에 대한 지속적인 투자도 포함됩니다. 필름 사업은 수요를 충족하기 위한 추가 용량 투자가 계획되어 있으며 계속 확장되고 있습니다.

Kodak (NYSE: KODK) a annoncé ses résultats financiers pour le quatrième trimestre et l'année entière 2024. Le quatrième trimestre 2024 a montré des performances mitigées avec des revenus de 266 millions de dollars (en baisse de 3 % par rapport à l'année précédente), mais un bénéfice brut amélioré de 51 millions de dollars (en hausse de 9 %) et un revenu net de 26 millions de dollars (en hausse de 420 %).

Les résultats de l'année entière 2024 ont révélé : des revenus de 1,043 milliard de dollars (en baisse de 7 % par rapport à l'année précédente), un bénéfice brut de 203 millions de dollars (en baisse de 3 %), un revenu net de 102 millions de dollars (en hausse de 36 %) et un EBITDA opérationnel de 26 millions de dollars (en baisse de 42 %). La position de trésorerie de l'entreprise a diminué à 201 millions de dollars contre 255 millions de dollars l'année précédente.

Les développements clés incluent la cessation prévue du Kodak Retirement Income Plan d'ici le 31 mars 2025 et des investissements continus dans des initiatives de croissance, en particulier dans la nouvelle installation cGMP du groupe AM&C pour les produits pharmaceutiques. L'activité film continue de s'étendre, avec des investissements supplémentaires prévus pour répondre à la demande.

Kodak (NYSE: KODK) hat seine finanziellen Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht. Das vierte Quartal 2024 zeigte eine gemischte Leistung mit Einnahmen von 266 Millionen Dollar (3% Rückgang im Jahresvergleich), aber einem verbesserten Bruttogewinn von 51 Millionen Dollar (9% Anstieg) und einem Nettogewinn von 26 Millionen Dollar (420% Anstieg).

Die Ergebnisse für das gesamte Jahr 2024 zeigten: Einnahmen von 1,043 Milliarden Dollar (7% Rückgang im Jahresvergleich), Bruttogewinn von 203 Millionen Dollar (3% Rückgang), Nettogewinn von 102 Millionen Dollar (36% Anstieg) und operatives EBITDA von 26 Millionen Dollar (42% Rückgang). Die Liquiditätsposition des Unternehmens verringerte sich auf 201 Millionen Dollar von 255 Millionen Dollar im Jahresvergleich.

Zu den wichtigsten Entwicklungen gehört die geplante Beendigung des Kodak Retirement Income Plan bis zum 31. März 2025 sowie laufende Investitionen in Wachstumsinitiativen, insbesondere in die neue cGMP-Anlage der AM&C-Gruppe für pharmazeutische Produkte. Das Filmgeschäft expandiert weiterhin, mit zusätzlichen Investitionen, die geplant sind, um der Nachfrage gerecht zu werden.

Positive
  • Net income increased 36% to $102M in 2024
  • Q4 gross profit improved 9% to $51M
  • Received $40M from brand licensing in Q1 2024
  • Film business showing growth with planned capacity expansion
  • New pharmaceutical production facility scheduled to begin operations
Negative
  • Annual revenue declined 7% to $1.043B
  • Operational EBITDA decreased 42% to $26M
  • Cash balance reduced by $54M to $201M
  • Higher manufacturing costs impacting profitability
  • Gross profit decreased 3% to $203M

Insights

Kodak's Q4 and full-year 2024 results present a mixed financial picture with improving profitability metrics despite revenue challenges. Q4 showed notable improvements with $26 million in GAAP net income (up 420%) and $9 million in Operational EBITDA (up 350%), despite a 3% revenue decline to $266 million.

For the full year, Kodak achieved $102 million in GAAP net income (up 36%) on $1.043 billion in revenue (down 7%). The company maintained its gross profit margin at 19%, indicating effective cost management despite lower sales volumes. However, Operational EBITDA declined 42% to $26 million, reflecting higher manufacturing costs and investments in technology systems.

Cash position decreased to $201 million from $255 million at 2023 year-end, primarily due to capital expenditures for growth initiatives and technology investments. The $40 million cash proceeds from brand licensing in Q1 2024 partially offset this reduction.

Strategically, Kodak continues shifting its business mix, focusing on higher-margin operations while exiting unprofitable segments. The upcoming cGMP facility for pharmaceutical manufacturing, planned film capacity expansion, and digital print innovations like the PROSPER 7000 Turbo Press are key growth initiatives. The termination of the Kodak Retirement Income Plan could potentially release surplus assets to the company, strengthening its financial position.

Kodak's 2024 performance demonstrates a strategic pivot toward operational efficiency and targeted growth investments, even as overall revenue declined. The 36% increase in annual net income despite a 7% revenue decrease signals management's focus on profitability over pure volume play.

Three strategic developments warrant attention. First, the new cGMP facility for pharmaceutical products represents Kodak's continued diversification beyond traditional imaging. The Advanced Materials & Chemicals division offers higher margins and more stable revenue streams than legacy print businesses.

Second, the company's successful tariff petition with the U.S. International Trade Commission creates more predictable market conditions for its plate business. This regulatory win addresses unfair competition that had been pressuring margins in a core segment.

Third, the pension plan termination (Kodak Retirement Income Plan) effective March 2025 could potentially unlock significant capital through asset reversion. This financial engineering move aims to improve balance sheet flexibility.

The company's investment pattern shows disciplined capital allocation - funding growth initiatives while implementing automation and efficiency improvements. The $54 million cash reduction reflects this investment-heavy strategy rather than operational distress, with $40 million in brand licensing proceeds partially offsetting expenditures.

For investors, Kodak presents an interesting transformation story - shedding unprofitable legacy operations while nurturing growth in film (which continues to experience demand exceeding capacity) and specialized manufacturing capabilities.

ROCHESTER, N.Y.--(BUSINESS WIRE)-- Eastman Kodak Company (NYSE: KODK) today reported financial results for the fourth quarter and full year 2024.

Fourth quarter 2024 highlights include:

  • Consolidated revenues of $266 million, compared with $275 million for Q4 2023, a decrease of $9 million or 3 percent
  • Gross profit of $51 million, compared with $47 million for Q4 2023, an increase of $4 million or 9 percent
  • Gross profit percentage of 19 percent, compared with 17 percent for Q4 2023, an increase of 2 percentage points
  • GAAP net income of $26 million, compared with net income of $5 million for Q4 2023, an increase of $21 million or 420 percent
  • Operational EBITDA of $9 million, compared with $2 million for Q4 2023, an increase of $7 million or 350 percent

Full year 2024 highlights include:

  • Consolidated revenues of $1.043 billion, compared with $1.117 billion for the full year 2023, a decrease of $74 million or 7 percent
  • Gross profit of $203 million, compared with $210 million for the full year 2023, a decrease of $7 million or 3 percent
  • Gross profit percentage of 19 percent, flat when compared to the prior year
  • GAAP net income of $102 million, compared with $75 million for 2023, an increase of $27 million or 36 percent
  • Operational EBITDA of $26 million, compared with $45 million for 2023, a decrease of $19 million or 42 percent
  • A year-end cash balance of $201 million, compared with $255 million on December 31, 2023, a decrease of $54 million; cash flow from operations decreased by $45 million from the prior period

“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. “One of our key investment areas, our AM&C group’s new cGMP facility for manufacturing regulated and unregulated pharmaceutical products, is scheduled to begin production this year. Our film business continues to grow, and we are investing in additional capacity to meet demand. In our print business, we have completed the tariff petition process with the U.S. International Trade Commission, which has improved predictability for Kodak and our customers and brought fair competition to the plates market. Kodak can compete with anybody when there’s a level playing field. Our digital print business made a splash recently at the Hunkeler Innovationdays tradeshow where we featured live demos of our KODAK PROSPER 7000 Turbo Press, the world’s fastest inkjet press. For the balance of 2025, we’ll continue to improve efficiency through automation and support our customers with industry-leading solutions from all our businesses.”

On January 21, 2025, the Board of Directors of Kodak approved the termination of the Kodak Retirement Income Plan effective March 31, 2025. The process is underway to settle the pension obligation with participants and access any remaining plan surplus through a reversion of assets to the Company. For further information on the termination process for KRIP, refer to the disclosures contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

For the full year ended December 31, 2024, revenues were $1.043 billion, a decrease of $74 million or 7 percent compared to the same period in 2023. Adjusting for the unfavorable impact of foreign exchange of $3 million, revenues decreased by $71 million, or 6 percent compared to the prior year.

GAAP net income was $102 million for the full year, compared to $75 million in 2023, an increase of $27 million or 36 percent. Operational EBITDA for the year ended December 31, 2024, was $26 million, compared to $45 million in 2023, a decrease of $19 million or 42 percent. The decrease in Operational EBITDA was primarily driven by lower volumes and higher manufacturing costs, inventory reserve adjustments, as well as costs associated with investments in information technology systems and organizational structure to drive further operational efficiencies, costs associated with the drupa trade show and certain litigation matters.

Kodak ended the year with a cash balance of $201 million, a decrease of $54 million from December 31, 2023. The decrease was primarily driven by capital expenditures primarily to fund growth initiatives, investments in technology systems and organizational structure and lower profitability from operations, partially offset by improvements in working capital primarily due to cash proceeds of $40 million from brand licensing in the first quarter of 2024.

“Kodak ended the year with a cash balance of $201 million, compared with $255 million on December 31, 2023, which reflects ongoing capex investments in AM&C growth initiatives and optimizing processes in areas such as finance and manufacturing,” said David Bullwinkle, Kodak’s CFO. “The Company’s revenue for the year reflects a decline but is in line with expectations as we continue to concentrate on delivering improved gross profit. In the next year, we continue to focus on our growth areas and converting our historical investments into returns for the long term.”

Revenue and Operational EBITDA by Reportable Segment Q4 2024 vs. Q4 2023

(in millions)

 

 

 

 

 

 

 

 

 

 

 

Q4 2024 Actuals

Print

 

 

Advanced Materials & Chemicals

 

 

Brand

 

 

Total

 

Revenue

$

187

 

 

$

68

 

 

$

7

 

 

$

262

 

Operational EBITDA *

$

1

 

 

$

2

 

 

$

6

 

 

$

9

 

 

 

 

 

 

 

 

 

 

 

 

 

Q4 2023 Actuals

Print

 

 

Advanced Materials & Chemicals

 

 

Brand

 

 

Total

 

Revenue

$

208

 

 

$

58

 

 

$

5

 

 

$

271

 

Operational EBITDA *

$

2

 

 

$

(5

)

 

$

5

 

 

$

2

 

 

 

 

 

 

 

 

 

 

 

 

 

Q4 2024 vs. Q4 2023 Actuals
B(W)

Print

 

 

Advanced Materials & Chemicals

 

 

Brand

 

 

Total

 

Revenue

$

(21

)

 

$

10

 

 

$

2

 

 

$

(9

)

Operational EBITDA *

$

(1

)

 

$

7

 

 

$

1

 

 

$

7

 

 

 

 

 

 

 

 

 

 

 

 

 

Q4 2024 Actuals on constant currency ** vs. Q4 2023 Actuals
B(W)

Print

 

 

Advanced Materials & Chemicals

 

 

Brand

 

 

Total

 

Revenue

$

(21

)

 

$

10

 

 

$

2

 

 

$

(9

)

Operational EBITDA *

$

(1

)

 

$

7

 

 

$

1

 

 

$

7

 

Revenue and Operational EBITDA by Reportable Segment FY 2024 vs. FY 2023

(in millions)

 

 

 

 

 

 

 

 

 

 

 

FY 2024 Actuals

Print

 

 

Advanced Materials & Chemicals

 

 

Brand

 

 

Total

 

Revenue

$

737

 

 

$

271

 

 

$

20

 

 

$

1,028

 

Operational EBITDA *

$

(8

)

 

$

17

 

 

$

17

 

 

$

26

 

 

 

 

 

 

 

 

 

 

 

 

 

FY 2023 Actuals

Print

 

 

Advanced Materials & Chemicals

 

 

Brand

 

 

Total

 

Revenue

$

828

 

 

$

255

 

 

$

17

 

 

$

1,100

 

Operational EBITDA *

$

20

 

 

$

10

 

 

$

15

 

 

$

45

 

 

 

 

 

 

 

 

 

 

 

 

 

FY 2024 vs. FY 2023 Actuals
B(W)

Print

 

 

Advanced Materials & Chemicals

 

 

Brand

 

 

Total

 

Revenue

$

(91

)

 

$

16

 

 

$

3

 

 

$

(72

)

Operational EBITDA *

$

(28

)

 

$

7

 

 

$

2

 

 

$

(19

)

 

 

 

 

 

 

 

 

 

 

 

 

FY 2024 Actuals on constant currency ** vs. FY 2023 Actuals
B(W)

Print

 

 

Advanced Materials & Chemicals

 

 

Brand

 

 

Total

 

Revenue

$

(88

)

 

$

16

 

 

$

3

 

 

$

(69

)

Operational EBITDA *

$

(28

)

 

$

7

 

 

$

2

 

 

$

(19

)

* Total Operational EBITDA is a non-GAAP financial measure. The reconciliation between GAAP and non-GAAP measures is provided in Appendix A of this press release.

** The impact of foreign exchange represents the foreign exchange impact using average foreign exchange rates for the three or twelve months ended December 31, 2023, rather than the actual average exchange rates in effect for the three or twelve months ended December 31, 2024. Foreign exchange did not impact Operational EBITDA in the fourth quarter or full year period for 2024.

Eastman Business Park segment is not a reportable segment and is excluded from the table above.

About Kodak
Kodak (NYSE: KODK) is a leading global manufacturer focused on commercial print and advanced materials & chemicals. With 79,000 worldwide patents earned over 130 years of R&D, we believe in the power of technology and science to enhance what the world sees and creates. Our innovative, award-winning products, combined with our customer-first approach, make us the partner of choice for commercial printers worldwide. Kodak is committed to environmental stewardship, including industry leadership in developing sustainable solutions for print. For additional information on Kodak, visit us at kodak.com, or follow us on X @Kodak and LinkedIn.

Cautionary Statement Regarding Forward-Looking Statements

This press release includes “forward-looking statements” as that term is defined under the Private Securities Litigation Reform Act of 1995.

Forward–looking statements include statements concerning Kodak’s plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, liquidity, investments, financing needs and business trends and other information that is not historical information. When used in this press release, the words “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “predicts,” “forecasts,” “strategy,” “continues,” “goals,” “targets” or future or conditional verbs, such as “will,” “should,” “could,” or “may,” and similar words and expressions, as well as statements that do not relate strictly to historical or current facts, are intended to identify forward–looking statements. All forward–looking statements, including management’s examination of historical operating trends and data, are based upon Kodak’s current expectations and assumptions. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results or outcomes, or timing of actual results or outcomes, to differ materially from historical results or those expressed in or implied by such forward-looking statements.

Important factors that could cause actual events, results or outcomes, or their timing, to differ materially from the forward-looking statements include, among others, the risks and uncertainties described in more detail in Kodak’s Annual Report on Form 10-K for the year ended December 31, 2024 under the headings “Business,” “Risk Factors,” “Legal Proceedings,” and/or “Management’s Discussion and Analysis of Financial Condition and Results of Operations–Liquidity and Capital Resources” and in other filings Kodak makes with the U.S. Securities and Exchange Commission from time to time, as well as the following: Kodak’s ability to improve and sustain its operating structure, cash flow, profitability and other financial results; Kodak’s ability to achieve strategic objectives, cash forecasts, financial projections, and projected growth; Kodak’s ability to achieve the financial and operational results contained in its business plans; Kodak’s ability to obtain additional or alternate financing if and as needed, Kodak's continued ability to manage world-wide cash through intercompany loans, distributions and other mechanisms, and Kodak's ability to provide or facilitate financing for its customers; Kodak's receipt of projected reversion proceeds from the liquidation of the Kodak Retirement Income Plan (KRIP) at the time contemplated; Kodak’s ability to fund continued investments, capital needs and collateral requirements and service its debt and Series B Preferred Stock and Series C Preferred Stock; changes in foreign currency exchange rates, commodity prices, interest rates and tariff rates; the impact of the global economic environment, including inflationary pressures, geopolitical issues such as the war in Ukraine and the conflicts involving Israel, medical epidemics, changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, and Kodak’s ability to effectively mitigate the associated increased costs of aluminum and other raw materials, energy, labor, shipping, delays in shipment and production times, and fluctuations in demand; Kodak’s ability to effectively compete with large, well-financed industry participants or with competitors whose cost structure is lower than Kodak’s; the performance by third parties of their obligations to supply products, components or services to Kodak and Kodak’s ability to address supply chain disruptions and continue to obtain raw materials and components available from single or limited sources of supply, which may be adversely affected by the war in Ukraine, the conflicts involving Israel, changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, and residual effects of the COVID-19 pandemic; Kodak’s ability to comply with the covenants in its various credit facilities; Kodak’s ability to effectively anticipate technology and industry trends, including related to artificial intelligence (AI), and develop and market new products, solutions and technologies, including products based on its technology and expertise that relate to industries in which it does not currently conduct material business; Kodak’s ability to effect strategic transactions, such as investments, acquisitions, strategic alliances, divestitures and similar transactions, or to achieve the benefits sought to be achieved from such strategic transactions; Kodak’s continued ability to manage, defend and resolve a variety of current and legacy claims without incurring material losses or disruptions to its business and to bear the costs associated with such claims; Kodak’s ability to discontinue, sell or spin-off certain non-core businesses or operations, or otherwise monetize assets; and the potential impact of force majeure events, cyber‐attacks or other data security incidents or information technology (IT) outages that could disrupt or otherwise harm Kodak’s operations.

Future events and other factors may cause Kodak’s actual results to differ materially from the forward-looking statements. All forward-looking statements attributable to Kodak or persons acting on its behalf apply only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included or referenced in this press release. Kodak undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, except as required by law.

APPENDICES

In this fourth quarter and full year 2024 financial results news release, reference is made to the following non-GAAP financial measures:

  • Operational EBITDA; and
  • Revenues on a constant currency basis.

Kodak believes that these non-GAAP measures represent important internal measures of performance. Accordingly, where they are provided, it is to give investors the same financial data management uses with the belief that this information will assist the investment community in properly assessing the underlying performance of Kodak, its financial condition, results of operations and cash flow.

Kodak’s segment measure of profit and loss is an adjusted earnings before interest, taxes, depreciation and amortization (“Operational EBITDA”). Operational EBITDA represents the earnings (loss) from continuing operations excluding the provision for income taxes; non-service cost components of pension and other postemployment benefits income; depreciation and amortization expense; restructuring costs and other; stock-based compensation expense; consulting and other costs; idle costs; other operating (income) expense; loss on early extinguishment of debt; interest expense; and other (income) charges, net.

The following table reconciles the most directly comparable GAAP measure of Net Income to Operational EBITDA for the three months ended December 31, 2024 and 2023, respectively:

(in millions)

Q4 2024

 

 

Q4 2023

 

 

$Change

 

 

% Change

 

Net Income

$

26

 

 

$

5

 

 

$

21

 

 

 

420

%

All other

 

 

 

 

1

 

 

 

(1

)

 

 

 

Depreciation and amortization

 

7

 

 

 

7

 

 

 

 

 

 

 

Restructuring costs and other

 

2

 

 

 

1

 

 

 

1

 

 

 

 

Stock based compensation

 

1

 

 

 

1

 

 

 

 

 

 

 

Consulting and other costs (2)

 

 

 

 

(3

)

 

 

3

 

 

 

 

Idle costs (3)

 

1

 

 

 

2

 

 

 

(1

)

 

 

 

Other operating expense, net

 

6

 

 

 

6

 

 

 

 

 

 

 

Interest expense

 

15

 

 

 

16

 

 

 

(1

)

 

 

 

Pension income excluding service cost component

 

(49

)

 

 

(39

)

 

 

(10

)

 

 

 

Other (Income) charges, net

 

(1

)

 

 

1

 

 

 

(2

)

 

 

 

Provision for income taxes

 

1

 

 

 

4

 

 

 

(3

)

 

 

 

Operational EBITDA

$

9

 

 

$

2

 

 

$

7

 

 

 

350

%

The following table reconciles the most directly comparable GAAP measure of Net Income to Operational EBITDA for the twelve months ended December 31, 2024 and 2023, respectively:

(in millions)

FY 2024

 

 

FY 2023

 

 

$Change

 

 

% Change

 

Net Income

$

102

 

 

$

75

 

 

$

27

 

 

 

36

%

All other

 

(2

)

 

 

(2

)

 

 

 

 

 

 

Depreciation and amortization

 

28

 

 

 

30

 

 

 

(2

)

 

 

 

Restructuring costs and other (1)

 

8

 

 

 

10

 

 

 

(2

)

 

 

 

Stock based compensation

 

6

 

 

 

7

 

 

 

(1

)

 

 

 

Consulting and other costs (2)

 

1

 

 

 

(13

)

 

 

14

 

 

 

 

Idle costs (3)

 

2

 

 

 

3

 

 

 

(1

)

 

 

 

Other operating (income) expense, net (4)

 

(10

)

 

 

6

 

 

 

(16

)

 

 

 

Interest expense (4)

 

59

 

 

 

52

 

 

 

7

 

 

 

 

Pension income excluding service cost component (4)

 

(173

)

 

 

(161

)

 

 

(12

)

 

 

 

Loss on early extinguishment of debt (4)

 

 

 

 

27

 

 

 

(27

)

 

 

 

Other income, net (4)

 

(3

)

 

 

(1

)

 

 

(2

)

 

 

 

Provision for income taxes (4)

 

8

 

 

 

12

 

 

 

(4

)

 

 

 

Operational EBITDA

$

26

 

 

$

45

 

 

$

(19

)

 

 

-42

%

Footnote Explanations:

(1)

 

Restructuring costs and other for the twelve months ended December 31, 2024 and 2023 included $8 million and $7 million, respectively, which were reported as Restructuring costs and other and $3 million for December 31, 2023, representing inventory write-downs which were reported as Cost of revenues.

(2)

 

Consulting and other costs are primarily professional services and internal costs associated with certain corporate strategic initiatives and litigation. Consulting and other costs included $15 million of income in the twelve months ended December 31, 2023, representing insurance reimbursement of legal costs previously paid by the Company associated with investigations and litigation matters.

(3)

 

Consists of third-party costs such as security, maintenance, and utilities required to maintain land and buildings in certain locations not used in any Kodak operations and the costs, net of any rental income received, of underutilized portions of certain properties.

(4)

 

As reported in the Consolidated Statement of Operations.

A. FINANCIAL STATEMENTS

Eastman Kodak Company

 

Consolidated Statement of Operations (Unaudited)

 

(in millions)

 

Three Months Ended

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

Revenues

 

 

 

 

 

 

Sales

 

$

228

 

 

$

229

 

Services

 

 

38

 

 

 

46

 

Total net revenues

 

 

266

 

 

 

275

 

Cost of revenues

 

 

 

 

 

 

Sales

 

 

186

 

 

 

194

 

Services

 

 

29

 

 

 

34

 

Total cost of revenues

 

 

215

 

 

 

228

 

Gross profit

 

 

51

 

 

 

47

 

Selling, general and administrative expenses

 

 

43

 

 

 

45

 

Research and development costs

 

 

8

 

 

 

9

 

Restructuring costs and other

 

 

2

 

 

 

 

Other operating expense, net

 

 

6

 

 

 

6

 

Loss from continuing operations before interest expense,
pension income excluding service cost component, other
(income) charges, net and income taxes

 

 

(8

)

 

 

(13

)

Interest expense

 

 

15

 

 

 

16

 

Pension income excluding service cost component

 

 

(49

)

 

 

(39

)

Other (income) charges, net

 

 

(1

)

 

 

1

 

Earnings from continuing operations before income taxes

 

 

27

 

 

 

9

 

Provision for income taxes

 

 

1

 

 

 

4

 

NET EARNINGS

 

$

26

 

 

$

5

 

 

Eastman Kodak Company

 

Consolidated Statement of Cash Flows (Unaudited)

 

 

 

Three Months Ended

 

 

 

December 31,

 

(in millions)

 

2024

 

 

2023

 

Cash flows from operating activities:

 

 

 

 

 

 

Net earnings

 

$

26

 

 

$

5

 

Adjustments to reconcile to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

7

 

 

 

7

 

Pension and other postretirement income

 

 

(44

)

 

 

(36

)

Asset impairments

 

 

4

 

 

 

5

 

Stock based compensation

 

 

1

 

 

 

1

 

Non-cash changes in workers' compensation and other employee benefit
reserves

 

 

(3

)

 

 

2

 

Net gain on sales of assets

 

 

 

 

 

1

 

Benefit from deferred income taxes

 

 

(1

)

 

 

(1

)

Increase in trade receivables

 

 

(1

)

 

 

 

Decrease (increase) in miscellaneous receivables

 

 

7

 

 

 

(4

)

Decrease in inventories

 

 

18

 

 

 

23

 

(Decrease) increase in trade accounts payable

 

 

(2

)

 

 

1

 

Decrease in liabilities excluding borrowings and trade payables

 

 

(7

)

 

 

(2

)

Other items, net

 

 

(1

)

 

 

15

 

Total adjustments

 

 

(22

)

 

 

12

 

Net cash provided by operating activities

 

 

4

 

 

 

17

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

Additions to properties

 

 

(17

)

 

 

(17

)

Net cash used in investing activities

 

 

(17

)

 

 

(17

)

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

Preferred stock cash dividend payments

 

 

(1

)

 

 

(1

)

Finance lease payments

 

 

(1

)

 

 

(1

)

Net cash used in financing activities

 

 

(2

)

 

 

(2

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

 

(6

)

 

 

5

 

Net (decrease) increase in cash, cash equivalents and restricted cash

 

 

(21

)

 

 

3

 

Cash, cash equivalents and restricted cash, beginning of period

 

 

322

 

 

 

374

 

Cash, cash equivalents and restricted cash, end of period

 

$

301

 

 

$

377

 

 

Eastman Kodak Company

 

Consolidated Statement of Operations

 

(in millions, except per share data)

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

Revenues

 

 

 

 

 

 

Sales

 

$

882

 

 

$

917

 

Services

 

 

161

 

 

 

200

 

Total net revenues

 

 

1,043

 

 

 

1,117

 

Cost of revenues

 

 

 

 

 

 

Sales

 

 

720

 

 

 

765

 

Services

 

 

120

 

 

 

142

 

Total cost of revenues

 

 

840

 

 

 

907

 

Gross profit

 

 

203

 

 

 

210

 

Selling, general and administrative expenses

 

 

179

 

 

 

159

 

Research and development costs

 

 

33

 

 

 

34

 

Restructuring costs and other

 

 

8

 

 

 

7

 

Other operating (income) expense, net

 

 

(10

)

 

 

6

 

(Loss) earnings from continuing operations before interest expense, pension income excluding service cost component, other income, net and income taxes

 

 

(7

)

 

 

4

 

Interest expense

 

 

59

 

 

 

52

 

Pension income excluding service cost component

 

 

(173

)

 

 

(161

)

Loss on early extinguishment of debt

 

 

 

 

 

27

 

Other income, net

 

 

(3

)

 

 

(1

)

Earnings from continuing operations before income taxes

 

 

110

 

 

 

87

 

Provision for income taxes

 

 

8

 

 

 

12

 

NET EARNINGS

 

$

102

 

 

$

75

 

 

 

 

 

 

 

 

Basic earnings per share attributable to Eastman Kodak Company common shareholders

 

$

0.97

 

 

$

0.71

 

 

 

 

 

 

 

 

Diluted earnings per share attributable to Eastman Kodak Company common shareholders

 

$

0.90

 

 

$

0.67

 

 

 

 

 

 

 

 

Number of common shares used in basic and diluted earnings per share:

 

 

 

 

 

 

Basic

 

 

80.1

 

 

 

79.4

 

Diluted

 

 

92.3

 

 

 

90.5

 

 

The notes accompanying the financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 are an integral part of these consolidated financial statements

 

Eastman Kodak Company

 

Consolidated Statement of Financial Position

 

 

 

As of December 31,

 

 

 

2024

 

 

2023

 

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

201

 

 

$

255

 

Trade receivables, net of allowances of $7 and $8 respectively

 

 

138

 

 

 

195

 

Inventories, net

 

 

219

 

 

 

217

 

Other current assets

 

 

37

 

 

 

45

 

Total current assets

 

 

595

 

 

 

712

 

Property, plant and equipment, net

 

 

189

 

 

 

169

 

Goodwill

 

 

12

 

 

 

12

 

Intangible assets, net

 

 

20

 

 

 

24

 

Operating lease right-of-use assets

 

 

27

 

 

 

30

 

Restricted cash

 

 

92

 

 

 

110

 

Pension and other postretirement assets

 

 

989

 

 

 

1,216

 

Other long-term assets

 

 

77

 

 

 

82

 

TOTAL ASSETS

 

$

2,001

 

 

$

2,355

 

 

 

 

 

 

 

 

LIABILITIES, REDEEMABLE, CONVERTIBLE PREFERRED STOCK AND EQUITY

 

 

 

 

 

 

Accounts payable, trade

 

$

120

 

 

$

125

 

Short-term borrowings and current portion of long-term debt

 

 

1

 

 

 

1

 

Current portion of operating leases

 

 

11

 

 

 

13

 

Other current liabilities

 

 

129

 

 

 

144

 

Total current liabilities

 

 

261

 

 

 

283

 

Long-term debt, net of current portion

 

 

466

 

 

 

457

 

Pension and other postretirement liabilities

 

 

197

 

 

 

237

 

Operating leases, net of current portion

 

 

21

 

 

 

24

 

Other long-term liabilities

 

 

197

 

 

 

213

 

Total liabilities

 

 

1,142

 

 

 

1,214

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 11)

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable, convertible preferred stock, no par value, $100 per share liquidation preference

 

 

218

 

 

 

210

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

Common stock, $0.01 par value

 

 

 

 

 

 

Additional paid in capital

 

 

1,150

 

 

 

1,156

 

Treasury stock, at cost

 

 

(12

)

 

 

(11

)

Accumulated deficit

 

 

(393

)

 

 

(495

)

Accumulated other comprehensive (loss) income

 

 

(104

)

 

 

281

 

Total equity

 

 

641

 

 

 

931

 

TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY

 

$

2,001

 

 

$

2,355

 

 

The notes accompanying the financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 are an integral part of these consolidated financial statements.

 

Eastman Kodak Company

 

Consolidated Statement of Cash Flows

 

 

 

Year Ended December 31,

 

(in millions)

 

2024

 

 

2023

 

Cash flows from operating activities:

 

 

 

 

 

 

Net earnings

 

$

102

 

 

$

75

 

Adjustments to reconcile to net cash (used in) provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

28

 

 

 

30

 

Pension and other postretirement income

 

 

(155

)

 

 

(145

)

Change in fair value of the Preferred Stock and Convertible Notes embedded derivatives

 

 

 

 

 

2

 

Asset impairments

 

 

4

 

 

 

5

 

Stock based compensation

 

 

6

 

 

 

7

 

Non-cash changes in workers' compensation and other employee benefit reserves

 

 

(2

)

 

 

(1

)

Net gain on sales of assets

 

 

(17

)

 

 

 

Loss on early extinguishment of debt

 

 

 

 

 

27

 

Benefit from deferred income taxes

 

 

(1

)

 

 

(1

)

Decrease (increase) in trade receivables

 

 

51

 

 

 

(16

)

Decrease in miscellaneous receivables

 

 

1

 

 

 

6

 

(Increase) decrease in inventories

 

 

(7

)

 

 

19

 

Decrease in trade accounts payable

 

 

(3

)

 

 

(14

)

(Decrease) increase in liabilities excluding borrowings and trade payables

 

 

(46

)

 

 

21

 

Other items, net

 

 

32

 

 

 

23

 

Total adjustments

 

 

(109

)

 

 

(37

)

Net cash (used in) provided by operating activities

 

 

(7

)

 

 

38

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

Additions to properties

 

 

(56

)

 

 

(32

)

Net proceeds from sales of assets

 

 

17

 

 

 

 

Net cash used in investing activities

 

 

(39

)

 

 

(32

)

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

Net proceeds from Amended and Restated Term Loan Agreement

 

 

 

 

 

435

 

Repayment of Original Term Loan Credit Agreement

 

 

 

 

 

(316

)

Repayment of Convertible Notes

 

 

 

 

 

(28

)

Other debt acquisition costs

 

 

 

 

 

(1

)

Repayment of Amended and Restated Term Loan Agreement

 

 

(17

)

 

 

 

Preferred stock cash dividend payments

 

 

(4

)

 

 

(4

)

Treasury stock purchases

 

 

(1

)

 

 

 

Finance lease payments

 

 

(1

)

 

 

(1

)

Net cash (used in) provided by financing activities

 

 

(23

)

 

 

85

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

 

(7

)

 

 

 

Net (decrease) increase in cash, cash equivalents and restricted cash

 

 

(76

)

 

 

91

 

Cash, cash equivalents and restricted cash, beginning of period

 

 

377

 

 

 

286

 

Cash, cash equivalents and restricted cash, end of period

 

$

301

 

 

$

377

 

The notes accompanying the financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 are an integral part of these consolidated financial statements.

Media Contact:

Kurt Jaeckel, Kodak, +1 585-490-8646, kurt.jaeckel@kodak.com

Investor Contact:

Anthony Redding, Kodak, +1 585-724-4053, shareholderservices@kodak.com

Source: Eastman Kodak Company

FAQ

What caused KODK's revenue decline in 2024?

KODK's revenue declined 7% to $1.043B due to lower volumes, higher manufacturing costs, and investments in IT systems and organizational structure.

How much did KODK's net income improve in 2024?

KODK's net income increased by $27M or 36%, from $75M in 2023 to $102M in 2024.

What is happening with KODK's Retirement Income Plan?

KODK's Board approved the termination of the Retirement Income Plan effective March 31, 2025, with plans to settle pension obligations and access remaining surplus.

Why did KODK's cash balance decrease in 2024?

KODK's cash decreased by $54M to $201M due to capital expenditures in growth initiatives and technology systems, partially offset by $40M from brand licensing.
Eastman Kodak

NYSE:KODK

KODK Rankings

KODK Latest News

KODK Stock Data

420.73M
62.55M
22.4%
42.3%
7.68%
Specialty Business Services
Photographic Equipment & Supplies
Link
United States
ROCHESTER