Business Insider

Kodak expects sales volumes to rebound after COVID-19 hit

imageStock Markets2 hours ago (Aug 11, 2020 05:15PM ET)

(C) Reuters. FILE PHOTO: A worker cleans a Kodak booth at the Las Vegas Convention Center in preparation for 2019 CES in Las Vegas

(Reuters) – Eastman Kodak Co (N:KODK) said on Tuesday it expects sales volumes and working capital to improve in the current quarter after reporting a 31% decline in quarterly revenue due to the COVID-19 pandemic, sending its shares up 7%.

The photographic equipment maker’s stock plunged on Monday after the U.S. government blocked a $765 million loan to the company, which was going to make drug ingredients for use in possible COVID-19 vaccines, because of “alleged wrongdoing” by executives.

Kodak said on Tuesday investigations by the U.S. Congress and the Securities Exchange Commission have commenced, and could impact the outcome of the loan from the U.S. International Development Finance Corp.

Senior Democratic lawmakers had asked federal regulators to investigate securities made by the company and its executives around the time it learned it could receive the government loan.

Kodak expects sales volumes to rebound after COVID-19 hit

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Related Articles

Back to top button
Close
Close

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!