Eastman Kodak (EK) Withdraws 2nd-Half and FY08 Guidance
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Eastman Kodak Company (NYSE: EK) today announced that it has withdrawn its second-half and full-year 2008 guidance for revenue growth, digital revenue growth, earnings from continuing operations, and cash generation because of the deepening global recession and changes in the value of the U.S. dollar.
In recent weeks, and subsequent to providing its forecast on October 30, 2008, the company has seen the dramatic slowdown in consumer spending continue and worsen. Additionally, businesses are reducing capital expenditures, and as credit markets remain very tight, commercial customers are finding it increasingly difficult to secure financing for new equipment purchases. Real estate markets also remain weak, making sales of the company's surplus assets more difficult. Dramatic changes in the value of the U.S. dollar in countries where the company sources and sells its products are also reducing revenue and earnings.
As a result, Kodak now expects 2008 second-half and full-year revenue growth, digital revenue growth, earnings from continuing operations, and cash generation to be below its October forecast.
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