P.M. BRIEFING : Kodak Earnings Rise Sharply
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ROCHESTER, N.Y. — Eastman Kodak Co., the world’s largest maker of photographic products, today reported sharply higher second-quarter earnings, even after its hefty restructuring charges for the year-ago period are taken into account.
Kodak said its profits zoomed fivefold, to $384 million from $77 million in the second quarter last year, citing cost control and early benefits from its restructuring. The 1989 earnings figures were reduced by $227 million in restructuring charges.
On a per-share basis, Kodak earned $1.19 in the quarter, up from 24 cents. Industry analysts had expected Kodak to earn about 94 cents.
Sales rose 2%, to $4.87 billion from $4.77 billion in 1989.
A pleased Wall Street rushed to snap up Kodak shares, boosting them $3.375 to $41.50 in very heavy midday trading on the New York Stock Exchange.
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