Q2 2024 Eastman Kodak Co Earnings Call Transcript
Key Points
- Eastman Kodak Co (KODK) reported a gross profit percentage increase to 22% in Q2 2024, marking the seventh consecutive year-over-year increase.
- The company is investing in long-term Advanced Materials & Chemicals (AMC) opportunities, which are expected to drive future growth and profitability.
- Kodak's cGMP facility for manufacturing diagnostic test reagents is expected to begin production in 2025, indicating future revenue potential.
- The company showcased new products like the PROSPER ULTRA 520 at drupa 2024, receiving commitments for several units, which demonstrates strong market interest.
- Kodak continues to innovate in traditional print with new releases such as the PRINERGY software and SONORA XTRA next-generation plates, enhancing its product portfolio.
- Revenues decreased by $28 million or 9% compared to the prior year quarter, reflecting a strategic focus on aligning with the right customers and products.
- Gross profit decreased by $5 million or 8% compared to the prior year quarter, driven by higher cost of materials and other operating expenses.
- Operational EBITDA for Q2 2024 was $12 million, a decline of $10 million from the prior year quarter, impacted by higher selling and administrative costs.
- The company faced higher manufacturing costs associated with ongoing global cost increases, negatively impacting operational EBITDA.
- Net income decreased by $9 million compared to the prior year quarter, reflecting challenges in maintaining profitability amidst strategic investments.
Good day and thank you for standing by and welcome to Eastman Kodak Q2 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Anthony Redding. Please go ahead.
Thank you and good afternoon, everyone. I am Anthony Redding, Eastman Kodak Company's Chief Compliance Officer. Welcome to Kodak second quarter 2024 earnings call. At 4:15 p.m. this afternoon, Kodak filed its Form 10-Q and issued its release on financial results for the second quarter of 2024. You may access the presentation and webcast for today's call at our Investor Center at investor.kodak.com.
During today's call, we will be making certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. All forward-looking statements are based upon Kodak's expectations and various assumptions. Future events or results may differ from those
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