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News > Companies
Polaroid sees lower profit
December 15, 2000: 8:01 a.m. ET

Instant film maker says sales slowdown will hurt 4Q results by up to $45M
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NEW YORK (CNNfn) - Polaroid Corp. cut fourth-quarter sales and earnings forecasts Friday due to slowing sales of its instant film.

The Cambridge, Mass.-based company said the slowdown will cut sales by up to $70 million and bring its operating profit down as much as $45 million to the breakeven range. Wall Street had been expecting a profit of 52 cents a share for the quarter, according to First Call, which tracks Wall Street forecasts.

The company said in a statement that it was cutting capital spending and manufacturing costs to deal with the slowdown. Doing so should help Polaroid reduce debt by $100 million and fund new projects, particularly in digital printing.

graphic"While our new products are doing well, it appears that slowing economic growth and more conservative stocking policies are negatively impacting shipments of our traditional film lines," CEO Gary DiCamillo said.

Polaroid (PRD: Research, Estimates) stock fell 38 cents to $7.19 Thursday, near its 52-week low.

Polaroid is the second photo products company in a week to warn that it would fall short of earnings expectations. On Tuesday, Eastman Kodak (EK: Research, Estimates) warned that slower consumer spending would eat into its fourth-quarter profit. graphic

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