Nvidia Corporation Beats Earnings Estimates, Eastman Kodak Company Reports

Nvidia Corporation Beats Earnings Estimates, Eastman Kodak Company Reports
<a href="https://pixabay.com/users/Mizter_x94/">Mizter_x94</a> / Pixabay

Nvidia and Eastman Kodak released the earnings results from their most recently completed quarters after closing bell tonight. Nvidia posted adjusted earnings of 33 cents per share, a 14% year over year increase, on $1.15 billion in revenue, a 4% increase from last year, for its first fiscal quarter of 2016. Analysts had been expecting earnings of 25 cents per share on $1.16 billion in revenue. In the first quarter of fiscal 2015, the company reported earnings of 29 cents per share on $1.1 billion in revenue.

Eastman Kodak posted sales of $427 million, a $61 million decline year over year due to currency headwinds and falling sales of legacy products. Net losses plunged from $34 million last year to $54 million. Losses from continuing operations before taxes rose $10 million.

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Key metrics from Nvidia’s earnings report

Nvidia’s net earnings were 24 cents per share, which was flat with last year. The company’s GAAP gross margin increased to 56.7%, setting a new record.

Nvidia also announced plans to wind down or sell its Icera modem segment, which it expects to benefit its non-GAAP operating expenses in the second half of the year. The company said it will then focus on deep learning, self-driving cars and gaming. Nvidia expects to restructuring charges of between $100 million and $125 million, mostly during the 2016 fiscal year.

For the second fiscal quarter, Nvidia expects about $1.01 billion in revenue, +-2%, missing the consensus estimate of $1.18 billion. The company expects GAAP gross margin to be 55.7% and non-GAAP gross margin to be 56%, +/-50 basis points.

Nvidia will return $800 million to shareholders in the 2016 fiscal year and upped its cash dividend 15% to 9.75 cents per share.

Key metrics from Eastman Kodak’s earnings report

Eastman Kodak’s operational EBITDA rose from $7 million last year to $12 million this year. The company noted strong growth in its key product lines. Volumes of the Kodak Sonora Process Free plates improved 94%, while its Flexcel NX plates volume increased 27%. Sales from The Kodak Prosper portfolio of products rose 23% year over year.

Sales in the Print Systems Division fell 12% to $254 million, while Enterprise Inject Systems sales fell 19% year over year to $39 million. Eastman Kodak’s Micro 3D Printing and Packaging segment saw sales rise 7% to $31 million, and the Software and Solutions segment recorded a 17% increase in sales to $28 million. Eastman’s Consumer and Film division sales fell 16% to $72 million.

Eastman Kodak reiterated its 2015 guidance for revenue of between $1.8 billion and $2 billion for the full year. The company continues to expect operational EBITDA to be between $100 million and $120 million for the full year.


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