Thursday, Eastman Kodak Co. (EK) has issued its fiscal 2010 financial guidance and other strategic outline, which has been built on the momentum generated in the second half of 2009 and accelerate profitable growth on the strength of its unmatched expertise in materials science and digital image science.
The New York-based company said that for fiscal year 2010, the company anticipates GAAP earnings from continuing operations to be in the range of negative $50 million to positive $50 million.
On average, five analysts polled by Thomson Reuters currently expect the company to earn $0.74 per share for fiscal 2010. Analysts estimates typically exclude special items.
Total company revenue is expects to be between $7.5 billion to $7.7 billion. Three analysts currently expect the company to generate revenues of $7.66 billion for fiscal 2010.
Further, Eastman Kodak said it expects GAAP earnings from continuing operations before interest expense, other income or charges, net and income taxes of $275 million to $375 million. The continuing operations guidance equates the company's segment earnings from operations guidance of $350 million to $450 million.
The company has also projected digital revenue growth of 5% to 9%, and overall revenue growth of 0% to 1%.
GAAP positive cash generation before restructuring and net cash provided by continuing operations from operating activities are expected to be between $50 million to $150 million.
Additionally, the company anticipate to maintain a year-end cash balance of $1.8 billion to $2.0 billion, after taking into account all cash actions, including modest debt payments due during 2010.
Kodak noted that it enters 2010 with a strong cash position, solid liquidity, and the financial flexibility to fully implement its strategy for profitable growth.
The company formed a growth strategy that aims at a compound annual growth rate for digital revenues of 7% to 9% from 2010 through 2012, and a total company compound annual revenue growth rate of about 3% during that period.
Further, the company said that its target model for 2012 includes a gross profit margin goal for its digital businesses of 30% and a total company gross profit margin goal of 28%. The company's goal for segment earnings from operations is 8% of revenue for the digital businesses and 7% of revenue for the total company.
Kodak said over the next three years, it Kodak will leverage its expanding portfolio of digital and traditional businesses, and will continue its focus on operational efficiency, to deliver increased revenue, earnings, and cash flow.
Commenting on the outlook, Antonio Perez, chairman and chief executive officer, Eastman Kodak said, "Today, Kodak is well-established in large markets, and we are gaining traction in new growth markets, with the broadest and most competitive portfolio of digital products in the company's history. We have solid liquidity and the financial flexibility necessary to fully implement our strategy. In 2010 and beyond, we will fully utilize the innovative thinking of Kodak people to drive sustainable, profitable growth and increase the value of this great company."
EK closed Thrsday's regular trading at $6.05, down $0.78 or $11.42% on the NYSE.
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