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Kodak reports fourth-quarter profit, leaders expect continued momentum in 2023
Kodak reports fourth-quarter profit, leaders expect continued momentum in 2023
Eastman Kodak Co. reported a fourth-quarter profit after markets closed Thursday, with company leaders attributing the financial results to the success of the company’s strategic plan that has focused on stabilizing its balance sheet, reorganizing as one Kodak and focusing on its core businesses.
Fourth-quarter consolidated revenue was $305 million, down one percent from sales of $307 million in the previous year’s quarter.
The company reported GAAP net income of $7 million compared to a net loss of $6 million in the fourth quarter of 2021.
Kodak reported operational EBITDA of $7 million, compared with negative $8 million for Q4 2021.
For the year, Kodak reported consolidated revenues of $1.2 billion, up five percent from the previous year’s sales of $1.15 billion.
GAAP net income was $26 million for the full year, compared to $24 million in 2021, an increase of 8 percent. Operational EBITDA was $18 million, compared with $11 million for 2021.
“Kodak delivered strong performance in 2022, growing revenue in consecutive years for the first time in decades, launching new products and investing in our future despite ongoing inflationary and supply chain challenges,” said Jim Continenza, Kodak’s executive chairman and CEO, in a release. “Our goal is to build on the momentum we’ve generated to continue our transformation in 2023.”
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