Eastman Kodak Misses Estimates (EK)

Rochester, New York-based Eastman Kodak Company EK announced on Wednesday morning that it failed to meet consensus Wall Street estimates. Eastman Kodak Company reported that its 4th quarter earnings from continuing operations fell to $33 million, or 12 cents per share, down from $430 million, or $1.36 per share, a year earlier. Excluding special items, the company reported a loss from continuing operations of 37 cents per share. Eastman Kodak Company reported revenue of $1.93 billion, down 25% from $2.58 billion a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for a loss of 1 cent per share, on revenue of $2.13 billion. Chairman and Chief Executive Officer Antonio M. Perez said, "This was our best digital earnings performance ever, and in line with our segment earnings forecast for the year. We also delivered positive cash generation in the fourth quarter and ended the year with more than $1.6 billion in cash on our balance sheet. That said, there were particular business challenges in 2010 that we are aggressively addressing." Eastman Kodak Company (EK) closed the previous trading day at $4.52 per share. Analysts covering the company's stock give it a consensus price target of $3.60 per share. Read more from Benzinga's Company news.