Eastman Kodak today reported almost a halving of first-quarter earnings and said it would axe 3,000 to 3,500 jobs to slash costs.
The company posted net earnings of $150 million compared to $289 million a year earlier, and reported earnings per share of 52 cents, matching analyst forecasts.
Kodak said it was cutting 3,000 to 3,500 jobs that would result in a one-time charge of $375m to $450m, which would hit earnings in the second quarter and, to a lesser extent, the third quarter.
The company said it was withdrawing its forecast for full-year earnings per share of $4.50 to $4.90. Kodak said it was now forecasting second-quarter earnings per share of $1 to $1.30. Analysts had forecast second-quarter earnings per share of $1.27.
'We will continue to work hard to position ourselves to take advantage of an eventual economic upturn, but like many others in corporate America today, we are hesitant to speculate as to when that upturn will occur,' the company said in a statement.
First quarter sales fell 4% to $2.975 billion.
