Kodak posts $119 mn Q1 profit

ROCHESTER: Eastman Kodak says it posted a profit in the first quarter in contrast to a loss a year ago, lifted by inkjet printer sales and royalties on digital imaging patents.

Its adjusted earnings fell short of Wall Street expectations, but a 31 percent rise on revenue matched what analysts had expected.

Its shares slipped 16 cents to $8.19 in pre-opening trading. The Rochester, New York, photography pioneer said Thursday it earned $119 million, or 40 cents a share, in the January-March period. That contrasts to a loss of $353 million, or $1.32 a share, a year earlier.

Excluding one-items items, Kodak says it earned 82 cents a share. Analysts expected Kodak to earn 90 cents per share.

It says sales rose to $1.93 billion from $1.48 billion.