Eastman Kodak Sees Sharp Drop in 4th-Quarter Results
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From Times Wire Services
Eastman Kodak Co., struggling with a massive restructuring to focus on its core imaging business, announced a sharp drop in its fourth-quarter earnings Tuesday.
Net earnings at the photography giant sank to $18 million, or 5 cents per share, for the fourth quarter, from $201 million, or 61 cents per share, for the year-ago period.
The latest results include a $254-million after-tax restructuring charge, largely for cutting 4,000 jobs, most of them in foreign subsidiaries. The layoffs include those at the company’s Kodak Park headquarters in Rochester, N.Y., announced last November.
Sales rose to $3.85 billion, up 10% from $3.49 billion.
