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Kodak profits tumble
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January 17, 2001: 7:19 a.m. ET
World's biggest photo film maker cites sluggish sales and tough economy
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NEW YORK (CNNfn) - Eastman Kodak Co. said Wednesday profits tumbled in the fourth quarter, meeting sharply lowered forecasts on Wall Street.
The world's largest maker of photographic film said profits fell to 68 cents a share, excluding one-time items, from $1.27 a share a year earlier. Analysts surveyed by First Call were looking for earnings of 68 cents a share.
Sales for the quarter fell 6 percent to $3.56 billion.
Kodak Chairman, President and CEO Daniel A. Carp said the results are "indicative of the overall slowdown in the U.S. economy and a corresponding industry-wide decrease in photographic activity."
"What makes the comparison with last year particularly difficult it that this slowdown follows a two-year period of higher-than-historical growth in the photographic industry," Carp said.
Kodak warned in December a slowdown in consumer spending would hurt its fourth-quarter results and earlier this month announced it would reorganize its global customer service operations.
The Rochester, N.Y.-based company reiterated its expectations to earn between 50 and 60 cents per share in the first quarter 2001.
Shares of Kodak (EK: Research, Estimates) gained 44 cents to $41.31 in trading Tuesday. 
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Eastman Kodak
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