NEW YORK (CNN/Money) - Eastman Kodak Co. reported sharply lower second-quarter earnings Thursday that beat Wall Street expectations, marking the eighth straight period in which the photography and film company posted a drop in profits from year-earlier levels.

The company earned $248 million, or 85 cents a share, excluding special items, in the period. That's down from the $325 million, or $1.12 a share, in 2001's second quarter. Analysts surveyed by earnings tracker First Call had a consensus earnings-per-share forecast of 83 cents.

Including special items, net income rose to 284 million, or 97 cents a share, up from $36 million, or 12 cents a share, a year earlier. Special items included a one-time tax benefit worth 15 cents a share, and a write-down of assets associated with venture investments that reduced results 3 cents a share.

Revenue fell 7 percent to $3.34 billion from $3.59 billion a year earlier, which just missed the First Call forecast of $3.38 billion for the period. The company was helped by a weakening in the value of the dollar, which increased the value of sales made in other currencies. Without the changes in exchange rates, revenue would have been down 8 percent.

The company said providing earnings guidance is difficult due to continued economic weakness, but said its second-half earnings-per-share guidance remains unchanged at $1.35 to $1.75. It warned that current revenue assumptions are for low single-digit revenue growth during the next six months, excluding changes in exchange rates, which it said would bring the earnings in the lower half of its revenue guidance.

But even coming in at the lower end of the earnings guidance may allow the company to meet the First Call forecasts, which calls for third-quarter EPS of 74 cents, up from 52 cents a year ago, and fourth-quarter EPS of 68 cents, up from 12 cents a year earlier.

Kodak (EK: Research, Estimates), a component of the Dow Jones industrial average, gained $1.38 to close Wednesday trading at $28.39.