Kodak Posts Profit, Helped by Digital Cameras
Photography company Eastman Kodak on Thursday said it swung to quarterly profit from a year-earlier loss, fueled by sales of digital cameras.
The world's top maker of photographic film, which is undergoing a lengthy and expensive transformation into a maker of digital cameras and printing products and services, posted a net profit of $37 million, or 13 cents a share, compared with a loss of $37 million, or 13 cents a share, a year earlier.
Third-quarter revenue fell to $2.58 billion from $2.60 billion.
Since late 2003, Kodak has focused on digital devices, hoping to outpace the drop in demand for film, historically its main revenue source. At the same time, it has reduced costs by cutting more than 25,000 jobs and trimming manufacturing.
Kodak shares closed on Wednesday at $28.66 on the New York Stock Exchange. The stock has risen about 11 percent so far this year, which Kodak says will be the last under this restructuring.