Eastman Kodak Co.: Scrambling to squeeze bigger profits from digital photography, Kodak posted its seventh quarterly loss in a row Tuesday and moved to cut 2,000 more jobs as it navigates a historic shift away from its waning film business. A spokesman at Kodak’s Windsor facility said she hadn’t heard of any potential impact at the northern Colorado plant. Largely because of $214 million in restructuring costs, Kodak lost $282 million, or 98 cents a share, in the April-June quarter, close to double its loss of $155 million, or 54 cents a share, in last year’s second quarter. Stung by a continuing rapid slide in sales of silver-halide film, Kodak’s cash cow for much of the 20th century, revenues fell 9 percent to $3.36 billion from $3.69 billion a year ago.
Verizon Communications Inc.: The second-largest U.S. telephone company reported a decline in profit as cable-television companies stepped up spending to lure customers to their phone services. Second- quarter net income declined 24 percent to $1.61 billion, or 55 cents a share, from $2.11 billion, or 76 cents, a year earlier. Sales rose 26 percent to $22.7 billion, boosted by the purchase of MCI Inc., New York- based Verizon said Tuesday. Verizon lost 1.02 million local lines in the quarter, more than analysts had anticipated, as it battled Comcast Corp. and Time Warner Inc., which offer phone services in package deals including television and high-speed Internet access.
Vonage Holdings Corp.: The Internet phone company whose shares have plunged 60 percent since it went public in May posted a wider second- quarter loss as it spent more to fend off competitors. The net loss expanded to $74.1 million, or $1.16 a share, from $63.6 million a year earlier, Vonage said. Sales more than doubled to $143 million, missing the $148 million average prediction of five analysts surveyed by Thomson Financial. Vonage, a pioneer of telephone service over the Web, lost ground to cable-television providers including Comcast Corp. as they attracted subscribers with packages of phone, Internet and TV service.
Valero Energy Corp.: The largest U.S. oil refiner said second- quarter profit more than doubled to a record $1.9 billion as gasoline and diesel prices climbed and the acquisition of Premcor Inc. lifted fuel production. The profit was equivalent to $2.98 a share after payment of dividends on preferred stock and compared with net income of $847 million, or $1.53 a share, a year earlier. Sales rose 49 percent to $26.8 billion.
Marathon Oil Corp.: The fourth- largest U.S. energy company said second-quarter earnings more than doubled as profit margins on refined fuels grew.Net income rose to a record $1.75 billion, or $4.80 a share, from $673 million a year earlier.
