Eastman Kodak


said a slowdown in the photography market dragged down fourth-quarter earnings, but the company still managed to meet Wall Street's expectations for the period.

Shares of the Rochester, N.Y., photography giant, which is a component of the

Dow Jones Industrial Average

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, were lately trading at $41.56, up 25 cents, or 0.6%.

Kodak said fourth-quarter net earnings totaled $194 million, or 66 cents a share, down significantly from $475 million, or $1.50 a share, in the same period a year ago. Excluding one-time charges, Kodak's earnings were 68 cents a share, down from $1.27 a share a year earlier and matching a recently lowered consensus estimate of analysts compiled by

First Call/Thomson Financial


Indeed, the poor news was expected. Kodak reined in its fourth-quarter earnings outlook in December - its second reduction in three months - due to a sharp drop in consumer demand for its products, which include photographic film, paper and chemicals, and other imaging products and services. Fourth-quarter sales came to $3.56 billion, a decline of 6% from sales of almost $3.80 billion in the fourth quarter of 1999.

Excluding adjustments to the company's business portfolio and the negative impact of currency, sales were essentially level with a year ago, the company said in a statement.