Kodak posts weaker-than-expected quarterly loss

NEW YORK: Eastman Kodak Co posted a weaker-than-expected second-quarter loss, as the decline of its film business overshadowed gains in its digital printing unit.

The company's second quarter net loss was $168 million, or 63 cents a share, compared with a year-earlier loss of $189 million, or 70 cents a share.

Excluding special items, Thomson Reuters I/B/E/S calculated the loss to be 51 cents a share, compared with an analyst consensus estimate of 32 cents a share.

Kodak's revenue declined 11 per cent to $1.57 billion from $1.77 billion one year earlier, and fell short of analysts view of $1.67 billion.

Kodak last earned an annual profit in 2004, and analysts say its health is hard to peg as it winds down its film business while investing in printing. Investors are seeking signs that its lengthy, expensive restructuring, which shifted its focus to digital photography services and printers and away from film, nears profitability.

Shares of Kodak closed at $4.93 on Tuesday on the New York Stock Exchange. The stock has tumbled 43 per cent in the past three months, but is still up about 19 per cent for the year.