Eastman Kodak Nearly Quadruples Its Profit

Profit at Eastman Kodak nearly quadrupled in the first quarter of the year, mainly because of the absence of one-time charges incurred a year earlier, and revenue rose 13%, the Rochester, N.Y.-based company said.

The photography giant’s profit for the quarter, which ended March 22, were $178 million, on revenue of $2.66 billion.

The revenue gain is a good sign for Kodak’s future, said analyst Eugene Glazer of Dean Witter Reynolds, who said the results were better than expected.

Kodak’s year-long belt-tightening trimmed the Kodak work force of more than 120,000 worldwide by 10% and reduced expenses 5%.

Sales in both the company’s imaging and chemical segments were higher for the quarter.

The falling dollar made Kodak’s sales about $120 million higher compared to a year earlier because of the translation of foreign sales into dollar terms. However, the earnings generated from the higher sales were offset by charges related to a higher dollar value of Kodak liabilities in Europe and Japan.