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

Eastman Kodak (NYSE:KODK) posted its quarterly earnings results on Tuesday. The technology company reported $0.18 EPS for the quarter, beating the consensus estimate of $0.16 by $0.02, FiscalAI reports. Eastman Kodak had a negative return on equity of 14.47% and a negative net margin of 8.28%. The firm had revenue of $276.00 million during the quarter, compared to analysts’ expectations 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 Trading Down 1.6%

Shares of Eastman Kodak stock traded down $0.14 during mid-day trading on Tuesday, hitting $8.64. The stock had a trading volume of 1,831,639 shares, compared to its average volume of 998,395. The firm has a 50-day moving average of $9.34 and a two-hundred day moving average of $9.23. The firm has a market cap of $846.43 million, a P/E ratio of -6.22, a price-to-earnings-growth ratio of 0.65 and a beta of 1.57. The company has a quick ratio of 1.95, a current ratio of 2.91 and a debt-to-equity ratio of 0.17. Eastman Kodak has a 12-month low of $5.78 and a 12-month high of $14.87.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Wall Street Zen raised Eastman Kodak from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Weiss Ratings raised Eastman Kodak from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, August 11th. Finally, Zacks Research raised Eastman Kodak to a “hold” rating in a research note on Thursday, September 17th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock 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.