Kodak ( EK) swung to a fourth-quarter profit and beat Wall Street's earnings targets on an adjusted basis, though sales dropped more than expected.

The Rochester, N.Y., picture company made $16 million, or 6 cents a share, reversing the year-ago continuing operations loss of $137 million, or 48 cents a share. The latest quarter included 53 cents a share worth of restructuring and other charges. Excluding those, earnings were 59 cents a share, 3 cents ahead of the Wall Street estimate.

Sales fell 9% from a year ago to $3.82 billion, shy of the $3.94 billion Thomson Financial target.

Kodak said it posted $271 million in digital earnings for the fourth quarter, driven by wider gross profit margins and the company's global cost-reduction initiatives, resulting in strong earnings improvement in the company's Consumer Digital and Graphic Communications businesses.

Kodak has spent the last three years cutting costs and firing people in a bid to adjust to consumers' shift to digital photography from the company's longtime focus of film. The company said it has taken $2.7 billion in charges so far to cut 23,375 jobs and plans to raise those figures to a range of 25,000-27,000 jobs and $3 billion to $3.4 billion in charges by year-end.

If you liked this article you might like

Spain to Play Netherlands for World Cup

Spain to Play Netherlands for World Cup

Wal-Mart: Analysts' Upgrades, Downgrades

Wal-Mart: Analysts' Upgrades, Downgrades

Netherlands Advances to World Cup Final

Netherlands Advances to World Cup Final

Apple: Analysts' Upgrades, Downgrades

Apple: Analysts' Upgrades, Downgrades

World Markets Mostly Lower Monday

World Markets Mostly Lower Monday