Eastman Kodak Reports Big Estimate Misses (EK)
July 28, 2010 8:24 AM
Eastman Kodak Company (NYSE: EK) on Wednesday morning released financial results that missed Wall Street expectations.
Eastman Kodak Company (EK) reported that it narrowed its 2nd quarter loss to $167 million, or 62 cents per share, from a loss of $191 million, or 71 cents per share, a year earlier.
Excluding special items, the company lost 51 cents per share.
Revenue fell 11% to $1.57 billion, down from $1.77 billion a year earlier.
A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of an expected loss of 32 cents per share, on revenue of $1.67 billion.
Chairman and chief executive officer Antonio M. Perez focused on the positives when he said, “Our new digital businesses, particularly consumer and commercial inkjet, continue to gain traction, with sales growth outpacing the competition. Digital commercial printing revenue, for example, grew 9% in the second quarter, consumer inkjet printer and ink revenue grew 50%, and operating margins improved in the majority of our digital product lines and for our digital business in total. We remain focused on building a leaner, more competitive company powered by innovative products that compete in large, new markets.
The company forecast full year revenue in the range of $7.5 billion to $7.7 billion.
Eastman Kodak Company ended the previous trading day at $4.93 per share. Analysts covering the company's stock have a consensus price target of $5 per share.
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