Eastman Kodak Co. (NASDAQ:EK) reported its results for the second quarter. Eastman Kodak Company deals in image capture and output devices, consumables and systems and solutions for consumer, business, and commercial printing applications.
Eastman Kodak Earnings Cheat Sheet for the Second Quarter
Results: Loss widened to $179 million (67 cents per diluted share) from $168 million (loss of 63 cents per share) in the same quarter a year earlier.
Revenue: Fell 5.4% to $1.49 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: EK fell short of the mean analyst estimate of a loss of 59 cents per share. It fell short of the average revenue estimate of $1.54 billion.
Quoting Management: “We are enjoying success in our new growth businesses, as well as the challenges typical in the creation of new businesses based on revolutionary new technologies,” said Antonio M. Perez, Chairman and Chief Executive Officer, Eastman Kodak Company. “We have ambitious goals for our growth businesses, and thus far have achieved impressive results against the industry. Revenue growth in these businesses is accelerating, with second-quarter 2011 growth more than double the year-ago period. We are also on track this year to once again double ink gross profit dollars in our Consumer Inkjet business, and we’re enjoying strong customer demand for KODAK PROSPER Presses.”
Revenue has fallen in the past four quarters. Revenue declined 31.6% to $1.32 billion in the first quarter. The figure fell 25.4% in the fourth quarter of the last fiscal year from the year earlier and dropped 1.3% in the third quarter of the last fiscal year from the year-ago quarter.
The company has now fallen short of analyst estimates for the last three quarters. It missed the mark by 53 cents in the first quarter and by 36 cents in the fourth quarter of the last fiscal year.
Competitors to Watch: Xerox Corporation (NYSE:XRX), Canon Inc. (NYSE:CAJ), Hewlett-Packard (NYSE:HPQ), Dell (NASDAQ:DELL), Panasonic Corp. (NYSE:PC), Audiovox Corporation (NASDAQ:VOXX), Sony Corporation (NYSE:SNE), and Apple Inc. (NASDAQ:AAPL).
(Source: Xignite Financials)