Kodak Shares Drop on Weak Sales Gain
- Share via
Shares of Eastman Kodak Co. had their biggest decline in a year after the company’s third-quarter revenue missed analysts’ estimates and the decline in film sales accelerated.
Third-quarter profit rose almost fivefold because of the sale of its satellite imaging business to ITT Industries Inc. for $752 million. Net income rose to $479 million, or $1.67 a share, from $122 million, or 42 cents, a year earlier.
Sales rose 1% to $3.36 billion, shy of the average $3.54-billion analyst estimate. Film sales to retailers dropped 24%, Rochester, N.Y.-based Kodak said.
Kodak shares fell $3.05, or 9.4%, to $29.50 on the NYSE.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
