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.