P.M. BRIEFING : Kodak Earnings Rise Sharply

Eastman Kodak Co., the world’s largest maker of photographic products, today reported sharply higher second-quarter earnings, even after its hefty restructuring charges for the year-ago period are taken into account.

Kodak said its profits zoomed fivefold, to $384 million from $77 million in the second quarter last year, citing cost control and early benefits from its restructuring. The 1989 earnings figures were reduced by $227 million in restructuring charges.

On a per-share basis, Kodak earned $1.19 in the quarter, up from 24 cents. Industry analysts had expected Kodak to earn about 94 cents.

Sales rose 2%, to $4.87 billion from $4.77 billion in 1989.

A pleased Wall Street rushed to snap up Kodak shares, boosting them $3.375 to $41.50 in very heavy midday trading on the New York Stock Exchange.