Thursday, August 02, 2007
Kudos to Kodak
Eastman Kodak Company's challenge to convert to life as a digital powerhouse took a major positive step today with its announcement of Q2 earnings. From a loss a year ago, EK beat the street with EPS of $2.06, on lower revenues. Their "traditional" business revenue decreased by 17%, so the digital business and its 3% growth couldn't make up the difference, and overall revenues were down 7%. Kodak's stock spiked over 5% on the news, closing at $26.93, which is still well off June's peak near $30 but a big lift from last week's trading under $25. Specifics cited in the news release include their claims of positive customer acceptance and expanding retail distribution of their EasyShare photo ink jet printers, as noted here last week.