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Picture perfect Kodak?
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June 14, 2000: 7:05 p.m. ET
Photo film giant reports future revenues on track, outlook remains rosy
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NEW YORK (CNNfn) - Dow component Eastman Kodak Co. said it is on track to hit second-quarter revenue and earnings goals.
The photo film giant told analysts and investors in New York on Wednesday that its earnings per share should be $1.60 to $1.70 for the current quarter, and $5.50 to $5.80 for the full year. The forecast of analysts surveyed by earnings tracker First Call is $1.65 a share in the quarter and $5.67 for the year.
The Rochester, N.Y.-based company also said it will buy back between $1 billion and $1.2 billion of Kodak stock during the remainder of this year.
 Kodak CEO Daniel Carp told CNNfn's Street Sweep that the continued growth in traditional products, coupled with profits from digital imaging has enabled Kodak to sustain ability to meet future earnings and commitments. (342KB WAV)(342KB AIFF)
In remarks to analysts and investors, Kodak Chief Financial Officer Robert Brust said he has seen good revenue growth in the company's core consumer imaging business and its rapidly growing digital and applied imaging business, in addition to its health imaging and entertainment imaging businesses. He said the company is also benefiting from lower costs from manufacturing, productivity gains and purchasing efficiencies.
 "This year, we expect to produce about $1.1 billion in free cash flow," Brust noted. "What's more, we expect to generate between $7 billion and $10 billion in free cash flow over the next five years, depending on the rate of digital conversion in our various businesses.
"In the absence of significant acquisition opportunities, we believe that increasing our rate of share repurchase represents the best use of free cash," he said.
The company has topped earnings estimates for the last five quarters.
Shares of Kodak (EK: Research, Estimates) ended Wednesday's trading up 1-1/2 at 60-1/4. 
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Eastman Kodak Co.
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