Kodak Trims Its 4th-Quarter Projections

Eastman Kodak Co. lowered its earnings projections for the second straight quarter to reflect a sharp slowdown in film sales it blamed largely on a slowing U.S. economy. The film sales decline, from a growth rate of between 7% and 8% to near zero, started in September and has “gotten worse as we’ve gone through Thanksgiving,” Chief Executive Dan Carp told analysts. Kodak said fourth-quarter earnings are likely to be 65 cents to 75 cents a share, against a previous projection of $1 to $1.15. That would be down 40% to 50% from the same period a year ago. Carp said he expects soft sales to persist through the first half of 2001 but improve in the second half. Shares in Rochester, N.Y.-based Kodak rose $1.50 to close at $41.06 on the NYSE, which some analysts attributed to short covering.