Eastman Kodak Co issued a warning yesterday that sales and earnings for the third quarter are expected to be down year-over-year. A host of reasons were given for the shortfall, including a strong dollar, pricing pressure and volume declines in key product lines. Analysts were expecting $1.21 per share for the quarter, up from net income of $1.12 per share in Q2. CEO George Fisher also warned that if current conditions persist through the end of September, full-year operating income could come in as much as 25% below last year’s total of $4.50. The company is presently considering corrective actions with an eye on reducing its cost structure, which could mean job cuts fairly soon. Kodak says it will continue to sustain significant investment in digital imaging and emerging markets.
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