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Kodak 1Q beats forecasts
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April 16, 1999: 7:56 a.m. ET
Profit of 80 cents a share excluding charges tops lowered expectations
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NEW YORK (CNNfn) - Eastman Kodak Co. reported first-quarter earnings Friday that were just above recently lowered forecasts.
Kodak -- one of the 30 Dow Jones industrial average issues -- also said it would buy back up to $2 billion of its stock, which has been trading near its 52-week low as the photo giant struggles with price-cutting by Japanese rival Fuji.
The world's largest maker of photographic film said it earned $259 million, or 80 cents a diluted share, excluding one-time charges in the quarter. That's up from $237 million, or 73 cents a share, a year earlier. The results topped the 76 cents a share consensus of analysts surveyed by First Call, which tracks earnings estimates.
In late March, Kodak (EK) said its first-quarter earnings would be 72 to 80 cents a share -- below the 82 cents a share analysts were then forecasting -- due to low film prices, weakness overseas, currency fluctuations and integrating an acquired medical imaging business.
Including restructuring charges in both periods, Kodak's first-quarter net income fell 14 percent to $191 million, or 59 cents a share, from $225 million, or 69 cents a share, a year earlier.
Sales in the quarter rose to $3.1 billion from $2.9 billion.
Kodak rose 2-5/16 to 66-9/16 in Thursday trading.
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Eastman Kodak
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