Rochester, N.Y. — Kodak reported a first-quarter loss of $114 million today.
The imaging firm narrowed its loss from the year-ago quarter when it posted a $175 million loss.
Sales reached $2.09 billion, up 1 percent from the first quarter in 2007. Kodak’s digital sales grew 10 percent vs. the year-ago quarter to $1.37 billion, while revenue from its traditional business declined by 13 percent to $724 million.
The company’s gross profit margin slipped from 20.6 percent in Q1 2007 to 20.3 percent in Q1 2008 thanks to higher materials costs and investment in its consumer inkjet business, Kodak said.
Kodak’s consumer digital imaging group sales rose 20 percent vs. the previous year’s quarter to $554 million, but lost $111 million vs. a year-ago loss of $75 million. Kodak attributed the loss to its “planned investment in the consumer inkjet business.”