Business memo 01/27/03

Monday, January 27, 2003

Eastman Kodak to cut 3 percent of work force

ROCHESTER, N.Y. -- Photography icon Eastman Kodak Co. said last week it will cut another 1,800 to 2,200 jobs, or about 3 percent of its global work force.

The cuts were announced as the world's largest photography company reported a profit for the fourth quarter that fell short of Wall Street's expectations and its chairman cautioned that economic conditions looked tough for the year ahead.

Its shares declined more than 10 percent.

Kodak earned $113 million, or 39 cents a share, in the fourth quarter compared with a loss of $206 million, or 71 cents a share, a year earlier.

Pfizer profits soar 46 percent in fourth quarter

NEW YORK -- Driven by strong sales of key products, Pfizer Inc. said Wednesday its fourth-quarter profits soared 46 percent, narrowly beating Wall Street estimates.

The world's largest drug company earned $2.86 billion, or 46 cents a share, in the October-December period, up from $1.96 billion, or 32 cents a share, a year earlier.

Excluding merger-related costs, accounting changes and other items, Pfizer earned $2.94 billion, or 48 cents a share, a penny a share above the consensus estimate of analysts surveyed by Thomson First Call.

-- From wire reports

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