3M's third-quarter profit rose 6% and beat Wall Street expectations. The company said it would increase its share buyback program for the rest of the year.
Ariana Lindquist, Bloomberg
3M 3Q net income rises 6 pct, beats predictions
- Associated Press
- October 24, 2013 - 9:20 AM
MINNEAPOLIS — 3M Co. said Thursday that its third-quarter net income rose 6 percent, beating Wall Street predictions, as sales and profits grew across most of its businesses.
The company, which makes items including Post-it notes, reflective coatings for signs, and glues and adhesives, earned $1.23 billion, or $1.78 per share, up from $1.16 billion, or $1.65 per share, in the same quarter of 2012.
Revenue rose 6 percent to $7.92 billion from $7.5 billion.
Analysts surveyed by FactSet expected earnings of $1.75 per share on revenue of $7.86 billion.
Maplewood, Minn.-based 3M gets more than half of its revenue from outside the U.S. and its products are used in a variety of industries, so its results are watched closely as an economic indicator.
Some of its businesses have been struggling, and three months ago it reported a decline in profits in its electronics and energy unit as well as its safety and graphics unit. This time, operating income rose 3.2 percent in electronics and energy, and rose 7.3 percent in safety and graphics.
Operating income in its industrial unit, its largest by profit, was flat at $568 million.
3M tightened its full-year profit guidance to a range of $6.65 to $6.75 per share. Its previous guidance was $6.60 to $6.85. Analysts were expecting $6.69 per share.
Its shares rose 64 cents to $123.84 in morning trading. Its shares are up about 30 percent this year.
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