Minnesota Mining & Manufacturing
said fourth-quarter earnings and revenue fell, but the company still topped earnings expectations.
St. Paul, Minn.-based 3M had earnings before items of $387 million, or 98 cents a share, compared with $447 million, or $1.12, a year ago. Sales fell to $3.86 billion from $4.14 billion. Analysts had been predicting earnings of 97 cents a share.
"Broad-based economic weakness continued to impact demand for 3M products in the fourth quarter," the company said, adding that several performance initiatives offset the harm.
The company predicted full-year 2002 earnings of $4.60 to $5.05 a share, excluding nonrecurring items but including an 11-cent gain related to new accounting for goodwill amortization. The current analyst estimate is for earnings of $4.80 a share.