Kodak warns of lower profit

Eastman Kodak said today that its third-quarter earnings will come in below expectations, and will not exceed 65¢ per share, excluding restructuring and other charges. The Rochester, NY-based firm had earlier provided guidance ranging from 90¢ to $1.20 per share.

Kodak attributed the lower expectations to declining sales caused by a sluggish economy, and compounded by continued weakness in its Health Imaging business. The vendor said it is also seeing clear indications of negative effects from last week's terrorist attacks.

In the Health Imaging business, lower earnings are due to margin pressures from aggressive price competition in both digital and traditional segments, as well as shorter-term operating issues, according to Kodak. Among the bright spots, Kodak said it gained market share in x-ray film, laser printers, and computed radiography. The company will report its third-quarter results on October 24.

By AuntMinnie.com staff writers
September 19, 2001

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