Kodak grows full-year sales and net income
“Kodak delivered a strong performance in 2022, growing revenue in consecutive years for the first time in decades, launching new products, and investing in our future despite ongoing inflationary and supply chain challenges,” said Jim Continenza, Kodak’s Executive Chairman and CEO. “Our performance reflected the success of our strategic plan, which began four years ago with stabilizing our balance sheet, reorganizing as One Kodak, and focusing on our core businesses. Our priorities for 2022 included providing our customers with uninterrupted supplies, reducing costs by improving operational efficiency, and implementing pricing actions to realize the value of our offerings, which contributed to a year-over-year increase in gross profit for the fourth quarter. We also continued to invest in initiatives including updating our infrastructure and developing growth businesses in our Advanced Materials & Chemicals group. More recently, we debuted the groundbreaking KODAK PROSPER ULTRA 520 Inkjet Press and KODACHROME Inks at the Hunkeler Innovationdays event and received extremely positive reaction from customers and prospects who are excited about the new press’s ability to increase productivity by delivering offset quality at unprecedented speeds. Our goal is to build on the momentum we’ve generated to continue our transformation in 2023.”
“Kodak was cash neutral for Q4 2022, an achievement we’re proud of considering the unprecedented cost increases our team was able to more than offset for the quarter,” said David Bullwinkle, Kodak’s CFO. “The company ended 2022 with $217 million in cash and cash equivalents, a decrease of $145 million from December 31, 2021. The decrease was primarily driven by the cost of building inventory to keep customers supplied and productive, ongoing investment in growth initiatives, and the headwind of unfavorable foreign exchange. We expect to continue our transition to cash generation and drive improved cash flow for 2023.”
Eastman Kodak no longer reports standalone results from photo products manufacturing.
Revenue and Operational EBITDA by Reportable Segment Q4 2022 vs. Q4 2021
| ($ millions) | ||||||||||||||||||||
| Q4 2022 Actuals | Traditional
Printing |
Digital
Printing |
Advanced
Materials & Chemicals |
Brand | Total | |||||||||||||||
| Revenue | $ | 176 | $ | 58 | $ | 61 | $ | 6 | $ | 301 | ||||||||||
| Operational EBITDA * | $ | 12 | $ | (7 | ) | $ | (2 | ) | $ | 4 | $ | 7 | ||||||||
| Q4 2021 Actuals | Traditional
Printing |
Digital
Printing |
Advanced
Materials & Chemicals |
Brand | Total | |||||||||||||||
| Revenue | $ | 176 | $ | 65 | $ | 57 | $ | 5 | $ | 303 | ||||||||||
| Operational EBITDA * | $ | (7 | ) | $ | (3 | ) | $ | (3 | ) | $ | 5 | $ | (8 | ) | ||||||
| Q4 2022 vs. Q4 2021 Actuals
B/(W) |
Traditional
Printing |
Digital
Printing |
Advanced
Materials & Chemicals |
Brand | Total | |||||||||||||||
| Revenue | $ | – | $ | (7 | ) | $ | 4 | $ | 1 | $ | (2 | ) | ||||||||
| Operational EBITDA * | $ | 19 | $ | (4 | ) | $ | 1 | $ | (1 | ) | $ | 15 | ||||||||
| Q4 2022 Actuals on constant currency **vs. Q4 2021 Actuals
B/(W) |
Traditional
Printing |
Digital
Printing |
Advanced
Materials & Chemicals |
Brand | Total | |||||||||||||||
| Revenue | $ | 14 | $ | (3 | ) | $ | 5 | $ | 1 | $ | 17 | |||||||||
| Operational EBITDA | $ | 18 | $ | (4 | ) | $ | 1 | $ | (1 | ) | $ | 14 | ||||||||
Revenue and Operational EBITDA by Reportable Segment FY 2022 vs. FY 2021
| ($ millions) | |||||||||||||||||
| FY 2022 Actuals | Traditional
Printing |
Digital
Printing |
Advanced
Materials & Chemicals |
Brand | Total | ||||||||||||
| Revenue | $ | 711 | $ | 227 | $ | 234 | $ | 17 | $ | 1,189 | |||||||
| Operational EBITDA * | $ | 27 | $ | (22 | ) | $ | (1 | ) | $ | 14 | $ | 18 | |||||
| FY 2021 Actuals | Traditional
Printing |
Digital
Printing |
Advanced
Materials & Chemicals |
Brand | Total | ||||||||||||
| Revenue | $ | 659 | $ | 249 | $ | 212 | $ | 15 | $ | 1,135 | |||||||
| Operational EBITDA * | $ | 9 | $ | (5 | ) | $ | (6 | ) | $ | 13 | $ | 11 | |||||
| FY 2022 vs. FY 2021 Actuals
B/(W) |
Traditional
Printing |
Digital
Printing |
Advanced
Materials & Chemicals |
Brand | Total | ||||||||||||
| Revenue | $ | 52 | $ | (22 | ) | $ | 22 | $ | 2 | $ | 54 | ||||||
| Operational EBITDA * | $ | 18 | $ | (17 | ) | $ | 5 | $ | 1 | $ | 7 | ||||||
| FY 2022 Actuals on constant currency **vs. FY 2021 Actuals
B/(W) |
Traditional
Printing |
Digital
Printing |
Advanced
Materials & Chemicals |
Brand | Total | ||||||||||||
| Revenue | $ | 105 | $ | (8 | ) | $ | 25 | $ | 2 | $ | 124 | ||||||
| Operational EBITDA | $ | 21 | $ | (13 | ) | $ | 7 | $ | 1 | $ | 16 | ||||||
* Total Operational EBITDA is a non-GAAP financial measure. The reconciliation between GAAP and non-GAAP measures is provided in Appendix A of this press release.
** The impact of foreign exchange represents the foreign exchange impact using average foreign exchange rates for the three or twelve months ended December 31, 2021, rather than the actual average exchange rates in effect for the three or twelve months ended December 31, 2022.
Eastman Business Park segment is not a reportable segment and is excluded from the table above.