Eastman Kodak Company (NYSE:KODK) reported its latest quarterly and full-year earnings results after the bell Thursday.
For its fiscal 2017, the company unveiled GAAP net earnings of $94 million, which helped the company turn a profit as it included a tax benefit of $101 million due to the release of a valuation allowance in the fourth quarter of the year due to increased profits in a location outside the U.S.
Eastman Kodak’s operational EBITDA for the year tallied up to $57 million, while net revenues came in at $1.5 billion, marking a decline of $112 million compared with the same period in 2016. The company ended the year with a cash balance of $344 million.
The strongest product lines of the year included the KODAK SONORA Process Free Plates, which surged by 21% compared to the year-ago period. Meanwhile, its KODAK PROSPER inkjet platform increased by 13% compared to the year-ago period, while its KODAK FLEXCEL NX Plates was 17% compared to the same period a year ago.
Eastman Kodak also shared its fiscal 2018 guidance in its earnings report, which sees revenue in the range of $1.5 billion to $1.6 billion, while operational EBITA is slated to be higher than the previous year, in the range of $60 million to $70 million.
“2017 was a year of investment in our strategic growth priorities which bodes well for the future,” said Jeff Clarke, CEO. “We also eliminated several business initiatives while continuing to reduce cost and drive greater efficiency in the company. We enter 2018 with a stronger growth profile and more productive operations.”
KODK stock declined about 12.1% after the bell Thursday.