3M predicts 10% gain in 2008 sales, profit

Updated: December 12, 2007 - 9:03 PM

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3M Co., maker of Scotch tape, Post-it notes and a variety of products used by the electronics, telecommunications and security industries, said Wednesday that its 2008 earnings and revenue will grow at least 10 percent.

Chairman and CEO George Buckley said 3M should earn $5.44 to $5.47 per share for the year. The company said that would be at least 10 percent higher than projected 2007 earnings after one-time items are deducted.

Analysts surveyed by Thomson First Call were expecting $5.43 per share.

The Maplewood-based company said overseas sales may account for 65 percent of 2008 revenue as U.S. economic growth slows, up from about 61 percent in 2006.

3M projects that overseas markets including China, Brazil, Russia, India and Poland will drive sales growth next year, helped by the company's international distribution system, Buckley said. The company is building plants overseas to cut costs and place products closer to the markets they serve and exploring ways to expand sales in Latin America and Eastern Europe.

3M shares rose $2.01, or 2.4 percent, to $86.66 Wednesday.

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