Categories AlphaGraphs, Consumer, Earnings

Eastman Kodak (KODK) swings to a loss in Q2 2020; revenue drops 31%

Eastman Kodak (NYSE: KODK) reported a loss of $5 million on revenue of $213 million in the second quarter of 2020. The company earned $201 million in the prior-year quarter. Revenue tumbled 31% from prior-year’s $307 million. Despite the loss and revenue plunge, KODK stock jumped about 10% in the after-market trading session.

Eastman Kodak (KODK) Q2 2020 Earnings Infographic

KODK stock hit a fresh 52-week high ($60.00) on July 29, after it received a $765 million loan offer from the US International Development Finance Corporation to speed up the production of drugs, which are in short supply and those considered critical to treat Covid-19.

However, KODK stock plunged 28% on Monday following the DFC’s below tweet. Shares of Eastman Kodak continued to bleed today and closed down 6.71% at $10.01.

Last Friday night, the federal agency announced that the offer is withheld pending probes into allegations of wrongdoing by the company. The Congress and SEC are now investigating the deal.

Eastman Kodak also appointed a special committee of independent directors of the Board on Friday to review the recent activities. The Committee, comprised of directors Jason New and William Parrett, will oversee an internal review of recent activity by the company and related parties in connection with the announcement of a potential loan by the DFC to support the launch of Kodak Pharmaceuticals.

Looking forward to read what management and analysts discuss on quarterly results? Stay tuned here for Eastman Kodak Q2 2020 earnings call transcript

Most Popular

Lyft (LYFT) expects average ride volumes to improve through Q1 2021

Shares of Lyft Inc. (NASDAQ: LYFT) were up 8% in afternoon hours on Wednesday. The stock has gained 53% over the past 12 months and 25% since the beginning of

With new strategy in place, Target looks poised to tap growing online demand

Department store chain Target Corp. (NYSE: TGT), which has been thriving on the pandemic-driven shopping boom since early last year, maintained its strong performance during the holiday season and entered

Infographic: Dollar Tree’s (DLTR) performance in Q4

Dollar Tree (NYSE: DLTR) reported fourth-quarter financial results before the opening bell on Wednesday. The discount store reported a 7% increase in Q4 net sales to $6.7 billion. The company

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top