WXXI AM News

Kodak looks at cutting more jobs as it reports 3rd quarter earnings

Nov 8, 2017

EastmanKodak is looking at layoffs and taking other steps following the release of its 3rd quarter earnings report on Wednesday.

Kodak is reporting a $46 million loss and sales were down about 8 percent from a year ago.

Some of the results were impacted by the company exiting a certain product line.

Kodak CEO Jeff Clarke said in the quarterly release that an overall print market slowdown and rising aluminum costs have impacted the company’s commercial print business.

Clarke says that Kodak is taking immediate actions to accelerate cost reduction and reduce investments to sharpen its focus.

At Brighton Securities, George Conboy says that kind of statement doesn’t inspire confidence about the company’s future.

“A healthy, profitable, growing company doesn’t have to accelerate their cost reductions, reduce their investments and change their focus,” Conboy told WXXI News.

Kodak officials are looking at cutting 425 jobs overall. A spokesman tells us about 100 of those layoffs will happen in Rochester.

Kodak does say some of its key product lines saw strong growth in the latest quarter compared to a year ago.