NEW YORK ( TheStreet) -- 3M (MMM), the maker of Post-It notes and Scotch tape, reported Tuesday first-quarter earnings that beat analysts' estimates and it raised the lower-end of its full-year 2012 guidance.
3M reported first-quarter earnings of $1.12 billion, or $1.59 a share, up from year-earlier earnings of $1.08 billion, or $1.49. The latest quarter included a one-time charge of 4 cents a share. Analysts, on average, were expecting earnings of $1.49 a share.
Sales rose 2.4% to $7.5 billion.
Sales increased the most during the quarter in 3M's industrial and transportation division, up 8.6%; the largest decline was in 3M's display and graphics segment where sales declined11.8%.3M raised its full-year 2012 guidance to a range between $6.35 a share and $6.50 a share, up from previous guidance of $6.25 a share and $6.50 a share. Shares of 3M rose 3.29% to $90 in premarket trading Tuesday. TheStreet Ratings gives 3M an A- grade with a buy rating and $100.25 price target. The stock has risen 6.61% year to date.
>To contact the writer of this article, click here: Alexandra Zendrian >To submit a news tip, send an email to: firstname.lastname@example.org. >To follow the writer on Twitter, go to Alexandra Zendrian.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV