Eastman Kodak yesterday said it was considering selling its health unit as the iconic photography company reported wider first-quarter losses amid a painful transition to digital technology.
Kodak has hired Goldman Sachs to advise on "strategic alternatives" for the unit, which reported $2.7 billion (€2.12 billion) in revenue last year on sales of digital X-ray equipment, X-ray film, medical printers and other products. Shares in Kodak fell 3.5 per cent to $26.38 yesterday.
Kodak reported a first-quarter loss from continuing operations of $298 million, compared with losses last year of $147 million, due largely to restructuring charges of $197 million and rising silver and oil prices.
Total revenue edged up 2 per cent to $2.88 billion, including a negative foreign exchange impact of two percentage points. Revenue from digital sales jumped 29 per cent to $1.616 billion, while sales from traditional film products tumbled 20 per cent to $1.257 billion. Sales from Kodak's consumer imaging business fell 10 per cent to $498 million.
