Q2 2024 Earnings Summary
Reported on Mar 17, 2025 (After Market Close)
Pre-Earnings Price$4.94Last close (Aug 8, 2024)
Post-Earnings Price$4.85Open (Aug 9, 2024)
Price Change
$-0.09(-1.82%)
- Improving Gross Profit Percentage: Kodak reported a gross profit percentage of 22% in Q2 2024, up from 21% in the prior year quarter and increased by 2 percentage points compared to Q1 2024. This reflects the company's focus on operational efficiencies and realizing the value of their offerings.
- Growth in Advanced Materials & Chemicals (AMC) Business: The AMC business is growing, driving increased revenues and gross profit. Kodak is investing in long-term AMC opportunities, such as a cGMP facility for manufacturing diagnostic test reagents expected to begin production in 2025.
- Continued Investment in Innovation and New Products: Kodak showcased new products at drupa 2024, including the PROSPER ULTRA 520, which received commitments from several customers. The company is also investing in enhancements to its PRINERGY software, SONORA XTRA plates, and new CTPs.
- Decrease in Revenues: Kodak's revenues decreased by $28 million or 9% in the second quarter of 2024 compared to the prior year quarter, and decreased by $57 million in the first half of 2024 compared to the prior year period, indicating potential challenges in generating sales growth.
- Decline in Operational EBITDA: The company's operational EBITDA decreased by $10 million in the second quarter of 2024 compared to the prior year quarter, and by $15 million in the first half of 2024 compared to the prior year period, suggesting reduced operational profitability.
- Increased Costs and Expenses: Higher selling and administrative costs associated with investments in information technology systems, organizational restructuring, costs associated with the drupa trade show, and certain litigation matters have unfavorably impacted operational EBITDA. Additionally, higher manufacturing costs due to continued global cost increases have negatively affected profitability.