Kodak Says September Sales Weaker
Sep. 26, 2000
ROCHESTER, N.Y. (AP) _ Eastman Kodak Co. said September sales are weaker than expected and it will likely miss earnings projections for the current quarter.
``Our third quarter business plans required strong September sales growth to enable us to successfully offset the earnings pressures of a rising dollar, increased raw material costs and higher levels of digital investment,'' Bob Brust, chief financial officer, said in a statement Tuesday released before trading opened.
He said third quarter earnings are likely to be 20 cents to 25 cents per share lower than expected. The previous third-quarter earnings projection was $1.56 to $1.66 per share.
In July, stronger U.S. film sales helped Kodak's second-quarter profits to rise 3 percent and meet Wall Street expectations.
The company will provide an updated view of the fourth quarter when it announces third quarter results on Oct. 18.
Fourth-quarter projects could also be lowered if current sales trends persist and worldwide economic growth continues to slow, a company official said.