Eastman Kodak Co. posted a third-quarter profit Tuesday despite what company leaders called a challenging business environment, with factors such as increased labor and materials costs and the impact of foreign exchange, affecting profitability.
Kodak reported GAAP net income of $2 million for the quarter, compared to $8 million in the prior year’s quarter after markets closed Tuesday. Operational EBITDA was $7 million, compared to $6 million a year ago.
On a per-share basis, the company said it had net income of one cent. Earnings, adjusted for restructuring costs, came to three cents per share.
Revenue was $289 million, up $2 million from last year’s quarter.
Jim Continenza, Kodak’s executive chairman and CEO, said the company delivered year-over-year revenue growth for the sixth consecutive quarter.
“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 said in a statement.
He said the company continues to invest in digital print technologies and added that Kodak would continue to make significant investments in its Advanced Materials & Chemicals business.
“Looking forward, we’ll continue to make strategic decisions focused on driving smart revenue for Kodak,” he said.
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