NEW YORK (CNN/Money) - Eastman Kodak Co., the photography company, raised its third-quarter earnings estimates slightly Wednesday thanks to cost-cutting.

Kodak said it expects an operating profit, excluding certain items, of 70 to 80 cents a share when it reports third-quarter results Oct. 24. Analysts polled by earnings tracker First Call are forecasting a 70 cents a share.

Shares of Kodak, a component of the Dow Jones industrial average, jumped 85 cents to $28.46 Wednesday afternoon

Including a number of one-time items, Kodak said it expects a net earnings increase of 10-15 cents a share for the quarter.

Kodak said quarterly sales should be slightly higher, due largely to favorable overseas currency transactions.

Kodak added that it expects 3 to 5 percent annual sales growth and 5 to 7 percent annual per share earnings growth once the economy recovers.

The company, which recently has struggled with lower film sales amid a slower economy and the continuing shift to digital photography, also reaffirmed second-half earnings expectations of $1.35-$1.75 a share.

"I think we are well positioned for the recovery -- the question is when the recovery is going to happen," Bob Brust, Kodak's chief financial officer, said at an investor meeting in New York, according to Reuters.

The Rochester, New York-based company, which had projected $400 million in operating cash flow for the year, raised that forecast to $500 million. Kodak also set an annual cash flow target of $1 billion after dividends, which it will use to reduce debt and make acquisitions.