Eastman Kodak Company reported third-quarter 2024 revenues of $261 million, an $8 million or 3% decrease compared to the same period in 2023. Excluding the impact of foreign exchange, revenue declined by $9 million or 3%. GAAP net income for the quarter was $18 million, a significant increase from $2 million in Q3 2023, representing an 800% rise.
Operational EBITDA for Q3 2024 was $1 million, down $11 million from $12 million in Q3 2023. This decrease was primarily driven by higher manufacturing costs, including an increase in aluminum costs, changes in employee benefit reserves, an inventory reserve adjustment, and increased costs associated with certain litigation matters. Kodak ended the quarter with a cash balance of $214 million, a decrease of $41 million from December 31, 2023, primarily due to capital expenditures for growth initiatives and investments in technology systems.
Kodak highlighted the Advanced Materials & Chemicals (AM&C) group as a key part of its future, with the cGMP facility for manufacturing pharmaceutical ingredients nearing completion. The company also noted an affirmative determination from the U.S. International Trade Commission in tariff cases concerning imports of aluminum printing plates from Japan and China, which established a level playing field with anti-dumping duties ranging from 91.83% to 317.43% and countervailing duties of 35.66%.
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