3M Posts a Good Quarter

The Post-it note maker guides in line.
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(MMM) - Get Report

beat third-quarter targets and guided in line.

The Minneapolis-based Scotch Brite conglomerate made $894 million, or $1.18 a share, for the quarter ended Sept. 30, up from the year-ago $840 million, or $1.08 a share.

Sales rose to $5.86 billion from $5.38 billion a year earlier.

Analysts surveyed by Thomson Financial were looking for a $1.12-a-share profit on sales of $5.76 billion.

"As anticipated, LCD industry inventories have returned to more normal levels and our growth in this business accelerated in the third quarter as consumers purchased more LCD televisions," CEO George Buckley said. "In addition, we saw continued manufacturing process improvement in this business as the quarter progressed and the new production line is now behaving in line with our expectations."

The comments come after 3M shares fell this summer following two earnings disappointments in the space of a month.

The company said it expects to make $1.10 to $1.16 a share for the fourth quarter, in line with the $1.13 Thomson target.