Eastman Kodak Co. reports Q3 profit with higher digital sales (Canadian Press)
THE ASSOCIATED PRESS 28 minutes ago
ROCHESTER, N.Y. - Photography and imaging company Eastman Kodak Co. said Thursday it swung to a profit in the third quarter as an increase in digital revenue and better profit margins overshadowed a slight revenue decline.
For the quarter that ended Sept. 30, Kodak earned US$37 million, or 13 cents per share, compared with a loss of $37 million, or 13 cents per share, in the same quarter last year.
Its earnings from continuing operations amounted to $34 million, or 12 cents per share.
Revenue totalled $2.58 billion for the quarter, compared with $2.6 billion in the year-ago quarter.
Analysts polled by Thomson Financial expected earnings of 27 cents per share on revenue of $2.49 billion. The earnings estimates typically exclude one-time items.
Digital earnings rose to $82 million year-over-year from $28 million.
Kodak said gross profit margin rose to 26.4 per cent for the quarter, compared with 25.1 per cent in the year-ago quarter. The company also reported a lower debt level - $1.63 billion at the end of the quarter, versus $2.78 billion at the end of 2006.
Kodak reiterated its guidance for 2007 earnings from operations of between $300 million and $400 million.