Eastman Kodak (NYSE:KODK) Issues Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Eastman Kodak (NYSE:KODK) posted its earnings results on Tuesday. The technology company reported $0.18 EPS for the quarter, topping the consensus estimate of $0.16 by $0.02, FiscalAI reports. Eastman Kodak had a negative net margin of 7.53% and a negative return on equity of 14.05%. The business had revenue of $276.00 million for the quarter, compared to the consensus estimate of $294.00 million.

Here are the key takeaways from Eastman Kodak’s conference call:

• Positive Sentiment: Kodak reported third-quarter revenue of $276 million, up 3% year over year, while gross profit rose 7% to $73 million and Operational EBITDA increased to $31 million.
• Positive Sentiment: Advanced Materials and Chemicals continued to emerge as the growth engine, with revenue up 21% to $99 million; the segment represented 36% of company revenue and more than half of Operational EBITDA.
• Negative Sentiment: Commercial Print revenue declined 7% to $165 million, pressured by raw-material pricing and availability, digital substitution, competitive pricing, and an uneven European market, although Kodak remains committed to the business.
• Positive Sentiment: Kodak generated $27 million of cash in the quarter and ended September with $317 million of unrestricted cash. Debt has fallen by approximately $400 million year over year, lifting net cash to $207 million and reducing interest expense.
• Positive Sentiment: For the first nine months, revenue increased 9% to $852 million, Operational EBITDA rose $42 million to $82 million, and the company swung to $22 million of GAAP net income from a $20 million loss in the prior-year period.

Eastman Kodak Stock Performance

Shares of KODK opened at $7.55 on Thursday. Eastman Kodak has a 52 week low of $5.78 and a 52 week high of $14.87. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.95 and a current ratio of 2.91. The stock has a 50 day moving average price of $9.28 and a two-hundred day moving average price of $9.23. The firm has a market capitalization of $739.69 million, a P/E ratio of -6.69, a P/E/G ratio of 0.60 and a beta of 1.64.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on KODK shares. Weiss Ratings raised shares of Eastman Kodak from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, August 11th. Zacks Research upgraded shares of Eastman Kodak to a “hold” rating in a report on Thursday, September 17th. Finally, Wall Street Zen raised Eastman Kodak from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce”.

About Eastman Kodak

Eastman Kodak Company is a technology and manufacturing company based in Rochester, New York. It provides commercial printing, packaging, publishing and graphic communications solutions, including digital printing equipment, workflow software, consumables and related services. Kodak also develops advanced materials and chemical products used in specialized industrial and commercial applications.

The company serves customers in the commercial print, packaging, publishing, entertainment and manufacturing industries.