3M Beats on Sales and Profit, Ups Outlook
NEW YORK (
) --
3M's
(MMM)
earnings topped expectations as sales rose almost 10% to $6.7 billion.
Earnings in the quarter were $928 million, or $1.28 a share, down slightly from $935 million, or $1.30 a share, last year.
Organic sales volumes rose 8.6%, led by a 19.8% increase in 3M's electro and communications business.
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Analysts surveyed by Thomson Reuters expected 3M to earn $1.27 a share on sales of $6.62 billion.
3M increased its adjusted earnings expectation for 2011 to $6.17 to $6.42 a share, up 10% to 14% year over year. The company also expects double-digit sales growth in 2011, with organic sales volume growing 5.5% to 7.5%.
-- Written by Joseph Woelfel
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