Eastman Kodak Earnings: Shareholders Disagree with CEO on Strategy
Eastman Kodak Co. (NASDAQ:EK) swung to a loss in the first quarter, missing analysts’ forecast. 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 First Quarter
Results: Swung to a loss of $249 million (92 cents/diluted share) in the quarter. The Eastman Kodak Co. had a net income of $119 million or 40 cents per share in the year earlier quarter.
Revenue: Fell 31.6% to $1.32 billion YoY.
Actual vs. Wall St. Expectations: EK fell short of the mean analyst estimate of a loss of 57 cents/share. Estimates ranged from a loss of 31 cents per share to a loss of 71 cents per share.
Quoting Management: “Our strategy is working,” said Antonio M. Perez, Chairman and Chief Executive Officer, Eastman Kodak Company. “We saw continued momentum in our strategic digital growth businesses, revenue growth in several of our established digital businesses, and improved cash performance, all of which position us well to achieve our two key financial metrics for the year related to growth and cash.”
Competitors to Watch: FUJIFILM Hldgs. Corp. (FUJIY), Xerox Corporation (NYSE:XRX), Canon Inc. (NYSE:CAJ), Ricoh Company Ltd. (RICOY), Oce N.V. (OCENY), Panasonic Corp. (NYSE:PC), Audiovox Corporation (NASDAQ:VOXX), Sony Corporation (NYSE:SNE), and Apple Inc. (NASDAQ:AAPL).
Today’s Performance: Shares of EK are trading at $2.87 as of April 28, 2011 at 2:37 PM ET, down 9.46% from the previous closing price of $3.17.