Kodak released their third quarter financial results:
The latest financial results from other companies can be found here.
Full press release:
Eastman Kodak Company (NYSE: KODK) today reported financial results for the third quarter 2018, delivering net earnings of $19 million on revenues of $366 million and continued growth in its KODAK SONORA Process-Free Plates, KODAK FLEXCEL NX Packaging and KODAK PROSPER Inkjet businesses.
Revenues for the quarter ending September 2018 were $366 million, a decline of $13 million compared with the third quarter of 2017. The company reported third-quarter GAAP net earnings of $19 million and Operational EBITDA of $20 million, an increase of $7 million compared with the third quarter of 2017. The increase was driven by continued strong performance in key product lines, cost reductions in Kodak’s Advanced Materials and 3D Printing Technology Division and changes in employee-related reserves, offset by the $6 million year-over-year adverse impact of the cost of aluminum.
“I’m pleased with the continued strong performance of our growth engines, including SONORA Plates, FLEXCEL NX Plates and PROSPER annuities, which contribute an increasing share of our revenues,” said Jeff Clarke, Kodak Chief Executive Officer. “For the fourth quarter of 2018, the Company will focus on the expected sale of our Flexographic Packaging Division and improving productivity by completing cost actions announced earlier this year.”
The company revised 2018 guidance for revenues to $1.475 billion to $1.525 billion and reiterated Operational EBITDA guidance of $55 million to $60 million.
Kodak ended the quarter with a cash balance of $238 million, down $37 million from the June 30, 2018 cash balance of $275 million. The decrease reflects investments in new technologies, working capital, capital expenditures including the construction of a new FLEXCEL NX manufacturing line in Weatherford, OK, interest payments and costs of strategic transactions. The company expects to generate cash in the fourth quarter of 2018 and to end the year with a cash balance of $260 million to $265 million.
“The Company’s use of cash in Q3 primarily reflects our investment in working capital to support sequential growth in Q4,” said David Bullwinkle, Kodak Chief Financial Officer. “We have made significant progress reducing our cost structure and we will continue to strengthen our liquidity by completing actions to reduce operating costs and monetization activities. We expect to generate cash in Q4 through increased EBITDA, working capital and non-recurring transactions.”
