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Eastman Kodak withdraws full-year 2008 forecast

Eastman Kodak withdraws full-year 2008 forecast

Eastman Kodak Co. said Wednesday it has withdrawn its full-year 2008 operating profit and sales forecast because of a weak economy and stronger dollar, and says executives will not receive a salary increase next year.
The Rochester, New York-based photographic products company said there is a dramatic slowdown in consumer spending, and tight credit markets are making it hard for shoppers to secure financing for new equipment purchases.
"There is an unprecedented amount of uncertainty surrounding the economic environment and most signs indicate that we may be facing a prolonged global recession," Chief Executive Antonio M. Perez said in a statement.
In October, the company forecast 2008 operating profit of $200 million to $250 million, down from $400 million to $500 million. Eastman Kodak also lowered its outlook for full-year revenue growth at that time, forecasting a decline of 3 percent to 5 percent from 2007 sales of $10.3 billion.


Updated : 2021-10-18 01:09 GMT+08:00