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Kodak posts 4Q loss, plans up to 4,500 job cuts |
Eastman Kodak Co. said Thursday it is cutting 3,500 to 4,500 jobs, or 14 percent to 18 percent of its work force, as it posted a fourth-quarter loss of $137 million on plunging sales of both digital and film-based photography products. Its stock tumbled more than 23 percent.The 129-year-old photography pioneer said its loss in the October-December period amounted to 51 cents a share. That compares with a year-ago profit of $215 million, or 75 cents a share.Sales slumped 24 percent to $2.43 billion from $3.22 billion a year ago, hit by a sharp slowdown in demand for digital cameras and inkjet printers, lower royalties from patents and unfavorable foreign exchange rates.Digital revenue dropped 23 percent to $1.78 billion and traditional film-based revenue fell 27 percent to $652 million.Excluding restructuring charges and one-time items totaling $112 million, or 42 cents a share, the loss came to $21 million, or 8 cents a share. Analysts surveyed by Thomson Reuters expected, on average, a far bigger profit of 21 cents a share on higher sales of $2.81 billion.
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