Eastman Kodak Co., the world's largest manufacturer of photographic products, yesterday said its profits in the fourth quarter rose about 8.6 per cent from last year to $221.7 million. The earnings were equal to $1.37 a share, compared with $1.26 a share in the prior fourth period. Sales for the quarter rose from $1.6 billion to $1.7 billion.
For the full year, Kodak's profits totaled $650.6 million ($4.03 a share) compared with $5.4 billion ($3.80 a share) the year before. Sales totaled $5.4 billion, up from $5 billion.
The year's profits were reduced by $61 million (38 cents) by unfavorable foreign currency translations. Also offsetting the higher sales volume were the costs of starting up production of Kodak's new instant camera and a new office copying machine. The company said it shipped more than a million of the instant cameras during the year.
Colgate-Palmolive Co. reported a moderate gain in earnings for the fourth quarter and all of 1976.
The diversified soap manufacturer's four-quarter profits advanced 12 per cent to $37.9 million (49 cents a share) from $33.9 million (45 cents) a year earlier. Sales rose from $832.4 million to $876.1 million.
For the full year, earnings gained 13 per cent over 1975, reaching $149.3 million ($1.95) from $132.3 million ($1.75). Sales climbed from $3.3 billion to $3.5 billion.
Genesco, Inc., a shoe and garment manfacturer and retailer, lost $3.09 million before taxes and sustained a net loss of $1.4 million in its second fiscal quarter ended Jan. 31 compared with a profit of $5.25 million (35 cents a share) a year earlier. Sales dropped to $277.61 million from $292.34 million.
For the first half, Genesco earned $810,000 which amounted to a loss on a common share basis because it did not cover preferred dividend charges. This compared with profit of $10.97 million (74 cents) a year earlier. First-half sales fell to $555.21 million from $586.86 million.
The Tribune Co. yesterday announced record net income of $42.04 million in 1976, up 37 per cent from the previous high of $30.75 million set in 1975.Total revenues last year were $809.82 million, compared with $711.37 million in 1975.
Net income for the fourth quarter was $17.03 million, highest of any previous quarter in company history, and 36 per cent higher than the $9.16 million for the corresponding 1975 period. Results in the 1975 fourth quarter were adversely affected by strikes at the company's newsprint mills. Fourth-quarter revenues were $228.61 million in 1976 and $187.11 million in 1975.
Stanton R. Cook, president of the privately owned company which owns the Chicago Tribune, New York Daily News, several other newspapers and radio stations, attributed the record earnings to strong performances by the newspapers and broadcasting operations.