Eastman Kodak Meets Expectations
Updated from 8:19 a.m. EDT
Photography company
Eastman Kodak
(EK)
matched Wall Street estimates Friday when it announced that quarterly earnings rose 9%.
Net earnings were $513 million, or $1.65 per share, on an operational basis, matching the consensus estimate of analysts surveyed by
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First Call/Thomson Financial
. Last year in the comparable quarter the company reported net earnings of $491 million, or $1.52 per share.
Its revenue was $3.75 billion, compared with $3.6 billion in the year-ago period.
The company said its earnings from operations lost $36 million from currency fluctuations, which impacted its foreign operations.
Its consumer imaging unit accounted for the bulk of revenue, with $2.115 billion, up 6% from $1.996 billion in 1999's second quarter.
Rochester, N.Y.-based Kodak closed down 1 7/8, or 3%, at 58.
