Eastman Kodak Co. blamed unfavorable currency rates,...

Eastman Kodak Co. blamed unfavorable currency rates, low selling prices and high advertising costs for a 19% drop in first-quarter earnings.

The photography giant reported net income of $145 million, or 45 cents per share. That was down from $178 million, or 55 cents per share, in the same period last year.

Sales were $4.41 billion, slightly lower than $4.42 billion in the year-ago period.

The Rochester, N.Y.-based firm said high research and development costs also contributed to the earnings decline. The company’s core imaging segment had higher selling and advertising costs.