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Nvidia Corporation Beats Earnings Estimates, Eastman Kodak Company Reports

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.

Nvidia Corporation Beats Earnings Estimates, Eastman Kodak Company Reports

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.

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.