For the three months ended September 30, 2024, Eastman Kodak Company reported total revenues of $261 million, a decrease of $8 million (3%) compared to $269 million in the same period of 2023. For the nine months ended September 30, 2024, total revenues were $777 million, down $65 million (8%) from $842 million in the prior year. The decline in revenue was primarily attributed to a significant drop in the Print segment, which saw revenues decrease by $14 million (7%) to $182 million for the third quarter and by $70 million (11%) to $550 million for the nine-month period. This decline was linked to lower volumes and unfavorable pricing in various product categories, particularly in Prepress consumables and Electrophotographic Printing Solutions.

In contrast, the Advanced Materials and Chemicals segment experienced growth, with revenues increasing by $7 million (11%) to $71 million for the third quarter and by $6 million (3%) to $203 million for the nine months. This growth was driven by volume increases and improvements in pricing and product mix.

Kodak's gross profit for the three months ended September 30, 2024, was $45 million, down from $50 million in the same period of 2023. For the nine months, gross profit decreased to $152 million from $163 million. Despite the decline in gross profit, net earnings for the third quarter rose significantly to $18 million, compared to $2 million in the same period last year. For the nine months, net earnings increased to $76 million from $70 million, reflecting improved profitability despite lower revenues.

Kodak's operational EBITDA for the Print segment declined by $13 million in the third quarter, primarily due to higher costs for aluminum, inventory reserve adjustments, and lower volumes. The Advanced Materials and Chemicals segment's operational EBITDA improved by $2 million, aided by lower manufacturing costs and favorable pricing.

Kodak's total assets increased to $2,388 million as of September 30, 2024, from $2,355 million at the end of 2023. However, cash and cash equivalents decreased to $214 million from $255 million. The company reported net cash used in operating activities of $(11) million for the nine months, a decline from $21 million provided in the same period in 2023, largely due to decreased insurance reimbursements and increased inventory investment.

Kodak has been actively managing its costs and has implemented pricing actions to mitigate increased manufacturing costs. The company is also focusing on strategic investments in technology and product development, particularly in the Advanced Materials and Chemicals segment, which includes initiatives in electric vehicle battery materials and diagnostic test reagents.