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3M's Profit Tops Expectations

TSC Staff

3M (MMM Quote) said Tuesday that its third-quarter sales rose 6.2% from a year ago to $6.6 billion, thanks to double-digit growth in its three largest business units.

Net income for the quarter was $991 million, or $1.41 a share, up from $960 million and $1.32 a share in the same period last year. Excluding items, 3M earned $1.42 a share in the most recent quarter, 4 cents ahead of estimates.

Looking ahead, full-year earnings should be $5.40 to $5.48 a share, 3M said. Analysts are calling for $5.45.

During the latest quarter, sales rose 10% in the industrial and transportation segment to $2 billion. In the health-care division, sales were up 10.7% to $1.1 billion, and safety, security and protection services had a 27.1% revenue increase to $974 million.

3M is one of the 30 stocks in the Dow Jones Industrial Average. Several other components reported their results earlier, as well, including DuPont (DD Quote), Caterpillar (CAT Quote) and Pfizer (PFE Quote).