Eastman Kodak Co. posted an increase in its second-quarter net income year-over-year, reporting a rise to $35 million from last year’s $20 million, despite facing adverse business conditions.
The company revealed that the improvement was primarily due to enhanced profitability from pricing pass-throughs and operational efficiency. However, this surge was somewhat counterbalanced by global cost hikes.
Meanwhile, consolidated revenues saw a decrease of 8%, falling to $295 million from $321 million in the previous year. Yet, the firm concluded Q2 with a cash reserve of $223 million, marking a slight growth from $217 million at the end of 2022, attributable to shifts in working capital strategies.
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