3M Beats, Guides Higher

The company rolls by first-quarter estimates and also ups full-year guidance.
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rose Monday after the diversified manufacturer reported record first-quarter sales and raised future earnings guidance.

The Minnesota-based company had net income of $722 million, or 90 cents a share, vs. $502 million, or 63 cents a share, a year ago. The consensus forecast was for 87 cents a share.

Revenue rose 14.4% to $4.94 billion. Currency effects increased sales by 6.1%. Overseas sales jumped 21.6%.

Looking ahead, the company said it expects EPS of 94 cents to 96 cents a share in the second quarter and $3.60 to $3.70 a share for all of 2004, up from a previous forecast of $3.52 to $3.62 a share.

The consensus estimates are for 91 cents and $3.61 a share for the respective periods, according to Thomson First Call.

"While the strength of the global economic recovery remains uneven and uncertain," the company said, "we continue to work at improving all of our businesses."

Shares rose 14 cents, or 0.2%, to $83.87.