Eastman Kodak's Co. earned $1.15 billion ($7.15 a share) last year, up from $1 billion ($6.20) in 1979, on a rise in sales to $9.73 billion from $8.03 billion.

Fourth-quarter profits were $404.8 million ($2.51), up from $294.7 million ($1.82) a year earlier, on a rise in sales to $3.11 billion from $2.59 billion. (

The earnings for 1981 were reduced 81 cents a share by the extension of last-in, first-out inventory accounting to foreign operations.

Chairman Walter A. Fallon said inflation was the salient factor of 1980 for Kodak.

GAF Corp. yesterday reported a net loss for 1980 of $233.5 million resulting from the reserve for write-offs on the sale or discontinuance of a number of its businesses.

All the losses took place in the fourth quarter and amounted to $246.17 million for the quarter on sales of $172.65 million compared with profits of $7.62 million (50 cents a share) a year earlier on sales of $184.79 million.

The loss for the year was on sales of $677.21 million and contrasted with a profit of $28.18 million ($1.83) in 1979 on sales of $683.75 million.

The company said both its building materials and chemical businesses were hit by the recession and high interest charges.

Conrail yesterday posted a loss of $12 million during the fourth quarter compared with a loss of $59.7 million in the fourth quarter of 1979.

"The loss was the smallest of any fourth quarter in the corporation's five-year history," said L. Stanley Crane. Conrail's chairman and chief executive officer. "This improvement came despite the worst fourth quarter in terms of carloadings handled by Conrail."

Crane called the financial results "a signficant achievement. The railroad is operating with much tighter cost controls, and that's what these results reflect."

Nearly $10 million of the fourth-quarter loss was due to the settlement of the Penn Central valuation case and anticipated settlement with the remaining transferors.

Without the impact of the settlement, Conrail's fourth-quarter loss would have been $2.2 million, Crane said.

For the year 1980, Conrail is expected to report on operating loss of $243.7 million on consolidated revenue of $3.9 billion compared with a loss of $220.5 million for 1979. Results include expenses of $37.5 million in 1980 and $37.8 million in 1979 attributable to the valuation case settlement.