Eastman Kodak (EK) shares this morning are trading lower on investor disappointment with Q1 results.
The company posted sales of $1.93 billion, in line with the Street. Profits from continuing operations were 40 cents a share, including charges of 42 cents a share for various special items; back that out and you get profits of 82 cents a share – short of the Street consensus at 90 cents.
For the full year, the company repeated previous guidance for revenue of $7.5 billion to $7.7 billion, consistent with the Street consensus at $7.65 billion.� The company continues to see digital revenue growth of 5%-9%, with overall revenue growth of 0%-1%. The company sees a loss from continuing operations of $50 million to $150 million, including the impact of a $102 million charge for the early retirement of debt; back that out, and you get a range of a loss of $48 million to a profit of $52 million, which puts the mid-point around break-even. That’s not a new forecast – but I would note that the Street consensus is for a profit of 70 cents.
EK this morning is down 98 cents, or 11.7%, to $7.37.
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