Nvidia Corporation Beats Earnings Estimates, Eastman Kodak Company Reports

NVIDIA Corporation (NASDAQ: NVDA) and Eastman Kodak Company (NYSE: KODK) 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.

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.

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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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