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

Eastman Kodak Company has released its financial results for the fourth quarter and full year of 2024. The report highlights the company's performance across various financial metrics, providing insights into its operational efficiency and strategic initiatives.

Financial Highlights

For the fourth quarter of 2024, Kodak reported consolidated revenues of $266 million, a slight decrease of 3% compared to $275 million in Q4 2023. However, the company saw an improvement in gross profit, which increased by 9% to $51 million from $47 million in the same period last year. The gross profit percentage also rose to 19% from 17%.

GAAP net income for Q4 2024 was $26 million, a significant increase from $5 million in Q4 2023, representing a 420% rise. Operational EBITDA also saw a substantial increase, reaching $9 million compared to $2 million in the previous year, marking a 350% improvement.

For the full year 2024, consolidated revenues were $1.043 billion, down 7% from $1.117 billion in 2023. Gross profit for the year was $203 million, a slight decrease of 3% from $210 million in 2023. The gross profit percentage remained flat at 19%. GAAP net income for the full year was $102 million, up 36% from $75 million in 2023. However, Operational EBITDA decreased by 42% to $26 million from $45 million in the previous year.

Business and Operational Highlights

Kodak's core businesses performed as expected in 2024. The company continued to execute its long-term plan, focusing on increasing operational efficiency, shedding unprofitable business, and investing in growth. One of the key investment areas is the AM&C group's new cGMP facility for manufacturing pharmaceutical products, which is scheduled to begin production this year. The film business continues to grow, and Kodak is investing in additional capacity to meet demand. In the print business, the completion of the tariff petition process with the U.S. International Trade Commission has improved predictability for Kodak and its customers.

Strategic Initiatives and Corporate Developments

On January 21, 2025, Kodak's Board of Directors approved the termination of the Kodak Retirement Income Plan (KRIP) 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.

Management's Perspective

Jim Continenza, Kodak’s Executive Chairman and CEO, stated, "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." He highlighted the company's investments in the AM&C group's new cGMP facility, the growing film business, and the completion of the tariff petition process in the print business.

David Bullwinkle, Kodak’s CFO, added, "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."

Future Outlook

Kodak plans to continue improving efficiency through automation and supporting its customers with industry-leading solutions from all its businesses. The company is focused on converting its historical investments into long-term returns and maintaining a strong cash balance to fund growth initiatives and optimize processes in areas such as finance and manufacturing.

SEC Filing: EASTMAN KODAK CO [ KODK ] - 8-K - Mar. 17, 2025