Kodak Expects to Post Profit Above Forecasts
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Eastman Kodak Co. said it expects to report second-quarter profit that beats expectations because of cost cuts.
The photography company said that excluding a tax gain related to the closure of a subsidiary and a write-down of assets, it expects profit of 85 cents a share, well above the 63-cent average estimate of analysts. Sales will be down for the sixth straight quarter, it said.
Shares of Rochester, N.Y.-based Kodak rose $2.94, or 11%, to $29.58 on the New York Stock Exchange, their biggest gain in four years.
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