continued its losing ways Wednesday, posting another disappointing quarter and sharply increasing its layoff plans.
The struggling Rochester, N.Y., camera company missed Wall Street's earnings estimates by nearly 30 cents for the second straight quarter. The company responded by upping its firing forecast to a range of 22,500 to 25,000 jobs from the previously projected 15,000.
The news comes as Kodak's new CEO, Antonio Perez, presides over his first quarterly earnings disaster. Kodak's previous chief, Dan Carp, quit this spring after
April's steep shortfall.
For its quarter ended June 30, Kodak lost $146 million, or 51 cents a share, reversing the year-ago continuing operations profit of $119 million, or 40 cents a share. Revenue rose to $3.69 billion from $3.46 billion a year earlier.
The company said its earnings including "non-operational items" totaled 53 cents a share in the latest quarter, but that figure fell well short of the 80 cents expected in a Thomson First Call analyst survey. Revenue was slightly ahead of the $3.63 billion forecast.
"Kodak is a company with product portfolios that are proceeding on two very different tracks," said Perez. "As sales of our traditional consumer products and services decline faster than anticipated, we are moving more aggressively to reduce cost. At the same time, we continue to make significant progress growing the sales and earnings of our digital portfolio. Second-quarter digital sales, for example, increased 43%, and we made significant progress in improving our digital earnings."
In spite of the poor showing, Kodak "recommitted" to various cash flow and digital revenue goals. But the company said that in light of its changing situation and recent poor results, it would stop providing earnings-per-share guidance.
On Wednesday, shares of Kodak were flat at $28.74.