U.S. photography giant to miss forecasts again

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Tuesday, Dec. 12, 2000 | 11:18 a.m.

THE ASSOCIATED PRESS

ROCHESTER, N.Y. -- For the second consecutive quarter, Eastman Kodak Co. lowered its earnings projections to reflect a sharp slowdown in film sales it blamed largely on a slowing U.S. economy.

The drop in U.S. film sales, from a growth rate of 7-8 percent to almost zero, "really started in September and it's carried through and gotten worse as we've gone through Thanksgiving," Chief Executive Dan Carp told Wall Street analysts and investors today.

The world's biggest photography company said fourth-quarter earnings are likely to be 65 to 75 cents per share compared with a previous projection of $1 to $1.15. That would be down 40 to 50 percent from the same period a year ago.