Eastman Kodak Company Reports $1.043 Billion Revenue Decline for Fiscal Year 2024

Eastman Kodak Company reported a consolidated revenue of $1.043 billion for the fiscal year ending December 31, 2024, reflecting a decline of $74 million, or 7%, compared to $1.117 billion in 2023. The Print segment, which constitutes 71% of total revenues, experienced a significant drop of $91 million, or 11%, primarily due to reduced volumes and unfavorable pricing. In contrast, the Advanced Materials and Chemicals segment saw a revenue increase of $16 million, or 6%, driven by improved pricing and product mix. The company's net earnings for 2024 were $102 million, up from $75 million in the previous year, indicating a positive shift in profitability despite the revenue decline.

Kodak's operational strategies included various pricing actions and customer-focused initiatives aimed at mitigating the impact of increased manufacturing costs, particularly in the Print and Advanced Materials segments. The company also faced challenges from global economic conditions, including inflation and supply chain disruptions, which affected customer demand and operational costs. Notably, Kodak recorded inventory reserve adjustments totaling $8 million in its Electrophotographic Printing Solutions business due to lower-than-expected demand for certain products.

In terms of strategic developments, Kodak completed the acquisition of Graphic Systems Services, Inc. in May 2023, enhancing its capabilities in web inkjet press transport systems. The company also focused on expanding its Advanced Materials and Chemicals segment, particularly in areas such as electric vehicle battery materials and diagnostic test reagents. Kodak's employee headcount stood at approximately 3,900 as of the end of 2024, reflecting ongoing workforce optimization efforts.

Looking ahead, Kodak's management expressed cautious optimism regarding future performance, emphasizing the need for continued pricing actions and operational efficiencies to navigate the challenging economic landscape. The company is also preparing for the termination of its Kodak Retirement Income Plan (KRIP) effective March 31, 2025, which is expected to yield surplus assets that could be utilized for strategic growth initiatives. Kodak's liquidity position remains adequate to support its operational and investment needs, although the company acknowledges the uncertainties posed by ongoing global events and economic conditions.