|
Kodak 3Q earnings off 8%
|
 |
October 18, 2000: 8:32 a.m. ET
Photographic firm manages to top estimates, but lowers 4Q forecast
|
NEW YORK (CNNfn) - Eastman Kodak Co. Wednesday posted an 8 percent decline in third-quarter earnings excluding one-time items, still topping estimates, but the photographic products firm also reduced its fourth-quarter forecast.
Excluding $12 million in charges due to the closing of manufacturing facilities, Rochester, N.Y.-based Eastman Kodak (EK: Research, Estimates) reported earnings of $430 million, or $1.40 a share, down from $466 million, or $1.45 a share, a year earlier. Earnings tracker First Call had expected $1.37 a share.
 In light of slower industry demands and retailer price cuts, Kodak warned that it anticipates fourth-quarter earnings per share of $1.00 to $1.15, below Wall Street expectations of $1.24. The company also expects to increase the pace of its stock buyback program to $1.2 billion by June from $1 billion.
Sales edged up to $3.590 billion from $3.580 billion a year ago. Excluding adjustments, the company said sales rose 5 percent.
Net earnings for the third quarter were $418 million, or $1.36 a share, up from $235 million, or 73 cents a share, a year earlier.
"In the third quarter, industry film sales slowed and retailers began adjusting their inventories," CEO Daniel Carp said. "We note that other industries are experiencing similar conditions. Obviously, this will cause us to reduce our spending levels."
For the first nine months, sales rose 1 percent to $10.4 billon from $10.3 billion a year ago. Excluding portfolio adjustments and exchange rates, sales rose 6 percent, Kodak said. Net earnings rose to $1.213 billion, or $3.91 a share, from $917 million, or $2.84 a share.
Kodak shares fell $2.37 to close at $36.44 Tuesday. 
|
|
|
|
|
|
Kodak
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
