Eastman Kodak Co., already slim from retooling for the digital age, said it was slashing its full-year profit and sales forecast and eliminating more jobs because of the global credit crisis. Its stock fell nearly 6%.
The pullback by the photography pioneer overshadowed third-quarter results -- its profit more than doubled even as its sales dropped 5%. Driven by digital cameras, picture frames and inkjet printers, the Rochester, N.Y., company earned $96 million, or 33 cents a share, up from $37 million, or 13 cents, a year earlier.
Excluding one-time items, notably a 31-cent gain from cutting medical coverage for retirees, its profit of 22 cents a share on sales of $2.41 billion fell short of Wall Street's expectations. Analysts surveyed by Thomson Reuters had expected a profit of 28 cents a share and sales of $2.53 billion.
Kodak now expects 2008 operating profit to range from $200 million to $250 million. In a revised forecast in August, it called for operating profit to come in at the low end of its prior estimated range of $400 million to $500 million.