Eastman Kodak reports 1st quarter loss in earnings, but sales rose
Eastman Kodak is reporting a loss for its most recent quarter. The company this week reported a $3 million net loss in the 1st quarter compared with a $6 million profit in the 1st quarter of 2021.
But revenues of $290 million were $25 million higher than the same quarter last year.
Kodak Executive Chairman and CEO Jim Continenza said that Kodak is trying to deal with challenges that are affecting a lot of companies.
“We continue to navigate through the ongoing global impact associated with COVID-19 pandemic, the war in Ukraine, and other global events,” Continenza said this week during an investor call. “The company is experiencing supply chain disruption, shortages in distribution, material and labor, and increased cost of distribution materials.”
Continenza said Kodak is seeing strong growth in its print businesses. The company is also continuing to make investments in the area of advanced materials and chemicals. He said that, “finding new ways to leverage our core strengths and delivering for our customers will be our focus as we executive our strategic plan.”