NEW YORK (CNN/Money) - Eastman Kodak Co. slashed its profit forecast for the second-quarter Wednesday, citing the impact of SARS on sales in Asia, and the news sent its stock tumbling.

The world's largest maker of photographic film said it now expects to earn 25 to 35 cents a share from operations in the second quarter, down from the 60 to 80 cents a share it had previously forecast.

Industry analysts surveyed by earnings tracker First Call had been expecting earnings of 68 cents a share, on average, down from 85 cents a year earlier.

Net income would be between 5 and 25 cents a share for the quarter, including several one-time items, Kodak said. It also said that economic weakness, reduced tourism and geopolitical turmoil will continue to affect sales and earnings for the balance of the year, though it did not give specific full-year forecasts.

Kodak (EK: Research, Estimates) stock, one of 30 in the Dow Jones industrial average, sank 10.1 percent in New York Stock Exchange trading. The drop accounted for about three-quarters of the Wednesday's 29-point decline in the Dow industrials.

Kodak said its forecast reflects much lower-than-expected sales of consumer film and photographic paper in Asia, which it said was due to the outbreak of SARS. Industry-wide sales in China sank by nearly half in April and May, it said.

Sales of consumer film and paper in the United States and Europe also came in lower than expected due to economic weakness, more competitive pricing and the increased popularity of digital photography.

"They are going through a tough struggle," said Jeff Pittsburg, an analyst at independent research firm Pittsburg Research Inc.

The Rochester, N.Y.-based company said it expects total sales to be flat at about $3.3 billion for the quarter but down about 5 percent excluding the impact of weaker dollar, which tends to boost sales by U.S. exporters.

Kodak also said it will step up cost-cutting and provide details when it releases second-quarter results in late July.  

-- From staff and wire reports