Eastman Kodak (NYSE:KODK – Get Free Report) announced its quarterly earnings data on Tuesday. The technology company reported $0.18 earnings per share (EPS) for the quarter, topping 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 business had revenue of $276.00 million during the quarter, compared to analyst estimates 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 Stock Down 11.0%
Shares of NYSE KODK traded down $0.95 during midday trading on Wednesday, reaching $7.72. The company’s stock had a trading volume of 766,791 shares, compared to its average volume of 997,021. The stock has a market capitalization of $755.87 million, a price-to-earnings ratio of -5.53, a PEG ratio of 0.61 and a beta of 1.64. Eastman Kodak has a fifty-two week low of $5.78 and a fifty-two week high of $14.87. The stock has a 50 day simple moving average of $9.32 and a 200-day simple moving average of $9.23. The company has a current ratio of 2.91, a quick ratio of 1.95 and a debt-to-equity ratio of 0.17.
Analyst Ratings Changes
Several brokerages have commented on KODK. Zacks Research raised Eastman Kodak to a “hold” rating in a research report on Thursday, September 17th. Wall Street Zen raised Eastman Kodak from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Finally, Weiss Ratings raised shares of Eastman Kodak from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, August 11th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Eastman Kodak presently has a consensus rating of “Reduce”.
Check Out Our Latest Stock Analysis on KODK
Eastman Kodak Company Profile
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.
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