Kodak reports earnings increase

ROCHESTER, N.Y. – Eastman Kodak Co. (NYSE: EK) reported a $121 million year-over-year improvement in its pre-tax results from continuing operations and also claimed profit margin gains in all of its major business units.

The company reported in a press release that it had increased its second-quarter digital earnings by $97 million and raised its traditional earnings by $31 million.

“Our second quarter results reinforce our confidence in our full-year performance,´ said Antonio Perez, Kodak’s chairman and CEO. “Revenues during the second quarter were in line with our expectations. I’m pleased with our first-half results, and I remain confident in our ability to achieve our 2007 key strategic objectives.”

Sales for the film, digital imaging and graphic communications company totaled $2.51 billion in the second quarter, a decrease of 7 percent from the $2.688 billion earned in the same quarter in 2006, the company said. Digital revenue totaled $1.46 billion, a 3 percent increase over a year ago, while traditional revenue totaled $1.044 billion, a 17 percent decline from Q2 2006.

However, Kodak’s second quarter loss from continuing operations was $163 million, significantly lower than a $257 million loss reported one year ago.

At noon, Kodak shares were trading at $26.69, up $1.14 from the opening.

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