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posted third-quarter earnings that missed analysts' expectations by 14 cents, citing weak film retail sales and an abrupt shift in trade buying patterns.

The company said third-quarter net income was $18 million, or 40 cents a share, compared with year-ago income of $22 million, or 50 cents a share, excluding a pretax charge related to the graphics business.

The results fell far short of the

First Call/Thomson Financial

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seven-analyst estimate of 54 cents a share for the company's latest quarter.

Revenue for the third quarter was $458.2 million, down from $463 million a year ago. The company said revenue rose 2% when adjusted for foreign exchange and discontinued businesses.

The instant film and camera maker also warned Monday that fourth quarter earnings could be hurt by the weak euro and a holiday retail pullback in orders, saying it expects "flattish" fourth-quarter revenue growth.

Shares of Polaroid were recently down $2.75, or 23.8%, to $8.81 on the

New York Stock Exchange