Eastman Kodak Co. said its earnings fell 12 percent in the first quarter, in part because of debt reductions and the sale of assets a year ago. After-tax profit totaled $82 million, or 25 cents a share, on revenue of $3.62 billion. That compared with earnings of $94 million, or 29 cents a share, on revenue of $3.63 billion in the same 1993 period. First-quarter revenue included an after-tax charge of $12 million toward debt reduction. And 10 cents of the 29 cents in earnings per share a year ago came from the sale of assets. Sales rose 1 percent to $3.59 billion from $3.54 billion.
Alco Standard Corp., which owns Seneca Paper and Kex Copysource in Buffalo, said its second-quarter profits rose 22 percent to $35.1 million, or 64 cents per share, from $28.6 million, or 61 cents per share, a year ago. Revenues increased by 47 percent to $544.3 million during the quarter that ended March 31 from $371.2 million.
Quebecor Printing Inc., which has plants in Western New York, said first-quarter net income rose 16 percent to $17.1 million, or 26 cents a share, from $14.8 million, or 24 cents a share, a year earlier. Revenue increased 18 percent to $445.5 million from $377.9 million.
Tenneco Inc., which has pipeline operations in Western New York, said its first-quarter profit from operations increased 46 percent and said it will sell 35 percent of its Case farm and construction equipment unit to the public. Profits rose 12 percent to $83 million, or 45 cents a share, from $74 million, or 45 cents a share, a year ago. Revenue rose 1 percent to $3.29 billion from $3.25 billion.
Bethlehem Steel Corp. announced a first-quarter profit of $13 million, compared with a loss of $41 million for the same period a year ago. Excluding restructuring expenses during the fourth quarter of 1993, the earnings marked the third straight quarter of profitability, following 11 quarters of losses. The profits translate to 2 cents per share, versus a loss of 53 cents per share a year ago. Quarterly sales increased 11 percent to $1.13 billion, from $1.02.
Goodyear Tire & Rubber Co. reported first-quarter earnings of $116 million on record sales of $2.91 billion. The earnings -- which translated to 77 cents per share -- were 145 times greater than the company's first-quarter 1993 net income of $800,000, or 1 cent per share. Sales reached $2.81 billion.
Tandy Corp. said its profits rose 19 percent in the first quarter as sales showed an increase nearly as high. Tandy earned $41.8 million, or 51 cents per share, on a 15 percent increase of sales to $992.1 million. During the first quarter of 1993, Tandy earned $35.1 million, or 43 cents per share, on sales of $864.7 million. The year-ago period includes an $18.5 million loss from discontinued operations as well as a $13 million gain from an accounting change.
Southwestern Bell Corp. said it had its "best ever" first-quarter earnings, fueled primarily by growth in its cellular business. Net income rose to $357.7 million, or 59 cents a share, from $302.5 million, or 50 cents, a year earlier. Revenue rose 7.7 percent to $2.6 million from $2.5 million.