Kodak Shares Drop on Weak Sales Gain

From Bloomberg News

Shares of Eastman Kodak Co. had their biggest decline in a year after the company's third-quarter revenue missed analysts' estimates and the decline in film sales accelerated.

Third-quarter profit rose almost fivefold because of the sale of its satellite imaging business to ITT Industries Inc. for $752 million. Net income rose to $479 million, or $1.67 a share, from $122 million, or 42 cents, a year earlier.

Sales rose 1% to $3.36 billion, shy of the average $3.54-billion analyst estimate. Film sales to retailers dropped 24%, Rochester, N.Y.-based Kodak said.

Kodak shares fell $3.05, or 9.4%, to $29.50 on the NYSE.

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