Eastman Kodak Co. (EK) Beats Expectations
Eastman Kodak Co. swung to a second-quarter profit Thursday despite lower sales and hefty restructuring charges as the photography icon enters the final stretch in a drastic, four-year digital makeover.
The results beat Wall Street expectations and its stock rose more than 5 percent.
Kodak earned $592 million, or $2.06 a share, in the April-June quarter, versus a loss of $282 million, or 98 cents a share, a year earlier when it also took charges tied to its massive overhaul.
Its shares jumped $1.38, or 5.4 percent, to $26.93 Thursday.
Sales fell 6.6 percent to $2.51 billion, from $2.69 billion. Digital revenue rose 3 percent to $1.46 billion but revenues from film, paper and other traditional, chemical-based products slid 17 percent to $1.04 billion.
Excluding one-time items of $266 million, or 92 cents a share, operating profits came to $131 million, or 45 cents a share. On average, analysts surveyed by Thomson Financial forecast a profit of 9 cents a share on sales of $2.52 billion.
The results beat Wall Street expectations and its stock rose more than 5 percent.
Kodak earned $592 million, or $2.06 a share, in the April-June quarter, versus a loss of $282 million, or 98 cents a share, a year earlier when it also took charges tied to its massive overhaul.
Its shares jumped $1.38, or 5.4 percent, to $26.93 Thursday.
Sales fell 6.6 percent to $2.51 billion, from $2.69 billion. Digital revenue rose 3 percent to $1.46 billion but revenues from film, paper and other traditional, chemical-based products slid 17 percent to $1.04 billion.
Excluding one-time items of $266 million, or 92 cents a share, operating profits came to $131 million, or 45 cents a share. On average, analysts surveyed by Thomson Financial forecast a profit of 9 cents a share on sales of $2.52 billion.
Labels: Eastman Kodak Co., EK
posted by Stock Administrator @ 8:35 PM
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