This is not a good time to be a Kodak shareholder. They’ve just posted their full-year 2010 revenue report. They had total sales of $7.187 billion, a 6% drop from 2009. Traditional revenue was down 22%, year over year, to $1.767 billion. Kodak lost a total of $58 million in the last year, $0.22 per share. This is better than 2009, when they lost $174 million, but hardly cause for wild celebration.
The analyst forecast for 2010 had been $2.11 billion. In total, digital revenue is down 25%, while the consumer digital imaging group’s revenue is down 40% to 731 million. While the company PR wizards did their best to put a positive spin on the press release, you can’t fool the market.
Eastman-Kodak‘s shares are down 17.04% as of 12:20 PM. That’s an adjusted loss of 37 cents per share, well under the 5 cents expected profit analysts predicted. This makes two straight quarters of losses for Kodak, and a stock decline of 30% year-to-date.
Kodak’s failed suit against Apple and RIM certainly isn’t helping the outlook.
[Via Kodak Press Release]