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Kodak Enjoys Profitable Q3

11/01/2007 11:29:00 AM Eastern

Rochester, N.Y. — Improved profit margins helped give Eastman Kodak into a profitable third quarter.

The company said after-tax third-quarter earnings totaled $34 million compared with a loss of $83 million a year ago. Third-quarter sales dropped 1 percent from the third quarter of 2006, to $2.58 billion. Revenue from Kodak’s digital business jumped 12 percent vs. the year-ago quarter, to $1.59 billion, while the firm’s traditional business revenue continued to erode, dropping 16 percent to $986 million.

Digital earnings reached $82 million in the third quarter vs. $28 million in the year-ago quarter.

Kodak’s consumer digital imaging group earnings hit $10 million, compared with a year-ago loss of $3 million on sales of $1.12 billion. Revenues from digital products grew by 16 percent for the quarter vs. the prior year.

Kodak also announced that Circuit City and Sam’s Club would begin carrying its inkjet all-in-ones. A similar deal with Wal-Mart Canada brings the total number of retail storefronts carrying Kodak printers to 7,600, the company said. Kodak said its goal was to sell 500,000 printers this year.