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Imation's Earnings Increase

Shares surge.

Imation

(IMN)

surged 6% Tuesday after saying third-quarter profit increased 10%.

The company earned $18.5 million, or 54 cents a share, in the quarter, compared with $16.8 million, or 48 cents a share, a year ago. Analysts surveyed by Thomson First Call were expecting earnings of 46 cents a share in the most recent quarter.

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Third-quarter revenue rose 42.2% to $424.7 million, supported by acquisition of Memorex, as against analysts' expectation of $400.4 million.

The company reaffirmed its 2006 outlook of earnings of $1.96 to $2.02 a share, on revenue of $1.57 billion to $1.60 billion. Excluding restructuring and incremental stock-based compensation expenses, earnings are estimated to be in the range of $2.35 to $2.41 a share. Analysts forecast earnings of $2.31 a share, on revenue of $1.55 billion.

The company's stock was trading up $2.68 at $45.73 Tuesday.

This story was created through a joint venture between TheStreet.com and IRIS.