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Empresas y finanzas

Kodak revenue falls, cuts outlook


    NEW YORK (Reuters) - Photography company Eastman Kodak Co slashed its outlook for 2008 revenue growth and earnings, after posting weaker-than-expected quarterly results from higher raw material costs and sluggish sales in its graphics business.

    The company sees revenue declining by 3 percent to 5 percent. It previously had expected revenue to be flat to up 2 percent. Kodak also halved its 2008 forecast for earnings from operations.

    "The economic environment is increasingly difficult," said Chief Executive Antonio Perez. "Given the importance of the fourth quarter to the company's full-year performance, and the unprecedented level of uncertainty surrounding the global economy, we must be prudent ... which requires us to adjust our financial outlook."

    The dim outlook comes as the company retools itself as a smaller company that focuses on digital devices and printing services.

    Kodak reported third-quarter net income of $96 million, or 34 cents a share, from $37 million, or 13 cents a share, one year ago. Excluding special items, this year's profit was 22 cents a share, on par with analysts expectations.

    Revenue fell 5 percent to $2.41 billion, as a decline in graphic communications group sales overshadowed growth in digital products, falling short of analysts view of $2.53 billion.

    (Reporting by Franklin Paul; Editing by Derek Caney)