'Vast manufacturing infrastructure'

Kodak reports on Q1

Kodak is investing in inks and coatings

Kodak’s sales were down in Q1 but boss Jim Continenza is confident the group is gearing up for growth.

In the three months to 31 March sales fell by 10% to $249m (£198.5m), while operational EBITDA more than halved, down 56% at $4m.

However, gross profit margin rose from 18% to 20%, which chairman and CEO Continenza said “reflects our ongoing commitment to improving operational efficiency”.

With its Drupa showcase upcoming, he asserted: “No one can match our ability to help customers successfully integrate offset and digital capabilities as the print industry evolves.”

Increased demand for still and motion picture film will see Kodak invest in expanding manufacturing capacity at its Advanced Materials & Chemicals division.

“At the same time, we are setting the stage for Kodak as a growth company by investing in a number of AM&C initiatives that leverage our unmatched knowledge of chemicals, layering and coating and vast manufacturing infrastructure,” he added.

“Looking ahead, we plan to continue our momentum by meeting the needs of our customers today and investing in growth for the next generation.”

Kodak Motion Picture and Entertainment has highlighted that 29 productions shot on its film are featured at the 2024 Cannes Film Festival, which starts tomorrow (14 May).

Earlier this month Kodak received a Gold Stevie gong in the ‘Best Business Technology Pivot’ category of the Annual American Business Awards, after it exited the market for toner-based digital presses in order to focus on its proprietary high-speed continuous inkjet technology.

Kodak’s share price had slipped to $4.52 the day prior to the results being announced, then subsequently rose to $4.74 at the end of last week (52-week high: $6.34, low: $3.33).