3M net income rises 6%, beats expectations
Market watch top headlines
3M Co says its third-quarter net income has risen six per cent, beating Wall Street predictions, as sales and profits grows across most of its businesses.
The company, which makes items including Post-it notes, reflective coatings for signs, and glues and adhesives, earned $US1.23 billion ($A1.28 billion), or $US1.78 per share, up from $US1.16 billion, or $US1.65 per share, in the same quarter of 2012.
Revenue rose six per cent to $US7.92 billion from $US7.5 billion.
Analysts surveyed by FactSet expected earnings of $US1.75 per share on revenue of $US7.86 billion.
3M gets more than half of its revenue from outside the US 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 per cent in electronics and energy, and rose 7.3 per cent in safety and graphics.
Operating income in its industrial unit, its largest by profit, was flat at $US568 million.
3M tightened its full-year profit guidance to a range of $US6.65 to $US6.75 per share. Its previous guidance was $US6.60 to $US6.85. Analysts were expecting $US6.69 per share.
Its shares rose 64 US cents to $US123.84 in morning trading. Its shares are up about 30 per cent this year.