Kodak Posts Fourth Straight Quarterly Loss

BEN DOBBIN

ROCHESTER, N.Y. (AP) — Eastman Kodak Co. lost money for a fourth straight quarter and missed Wall Street expectations but struck a more-confident note Thursday that its photography and printing businesses are rebounding steadily from their worst levels during the economic downturn.

The photography pioneer recorded a loss of $111 million, or 41 cents per share, in the third quarter, compared with a profit of $101 million, or 35 cents per share, a year earlier. By comparison, Kodak lost $189 million in the second quarter and $353 million in the first quarter.

Sales of digital cameras, film, printers and other products tumbled 26 percent, to $1.78 billion from $2.41 billion, missing analysts' forecast of $1.89 billion. On a sequential basis, sales were roughly flat.

While the July-September period illustrated the difficulties still facing Kodak as consumers hold off on purchases, the company said it was especially encouraged by robust sales of its consumer inkjet printers as well as rising orders for commercial inkjet printers that hit the market early next year.

"In the third quarter, we began to see real evidence that the market trends are positive," CEO Antonio Perez said in a call with analysts. "Our top line is stabilizing and our business is beginning to improve. ... We are on track for a much improved fourth quarter."