Eastman Kodak Co. reported a year-over-year drop in second-quarter sales and profit this week as the company prepares to open a new manufacturing facility in Rochester in 2025.
The Rochester company reported before markets opened that revenue for the quarter was $267 million, down nine percent from revenue of $295 million during the prior year’s quarter.
GAAP net income was $26 million, compared with net income of $35 million in the previous year’s quarter, a decrease of $9 million or 26 percent.
The company said the decrease was primarily driven by lower volumes and higher manufacturing costs, as well as costs associated with investments in information technology systems and organizational structure to drive further operational efficiencies, costs associated with the drupa trade show and certain litigation matters.
Jim Continenza, Kodak’s executive chairman and CEO, said the results were in-line with the company’s long-term strategic plan.
“We are getting leaner, introducing new products and partnering with the right customers,” he said.
Continenza added that Kodak’s continues to invest in its Advanced Materials & Chemicals group, adding its facility for manufacturing diagnostic test reagents under construction at Eastman Business Park is scheduled to begin production in 2025.
“Looking forward, we will continue to execute the long-term plan which has created a foundation for growth: increasing efficiency, investing in innovation and infrastructure and focusing on generating smart revenue,” he said.
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