For the year, the company expects organic sales volumes to grow 10% to 12% vs. prior expectations of growth in a range of 5% to 7%. It expects earnings to be in the range of $5.40 to $5.60 a share, excluding a Medicare Part D-related charge, vs. previous expectations of $4.90 to $5.10 a share.
For the first quarter, 3M reported net income of $930 million, or $1.29 a share, an improvement from $518 million, or 74 cents a share, in the year-ago period. Excluding a one-off item, the company reported earnings of $1.40 a share, beating the average estimate of $1.21. The item was a non-cash income tax charge of $84 million, or 11 cents a share, resulting from Medicare Part D changes in connection with the new health care law.
The company had net sales of $6.348 billion, up from $5.089 billion the year before, beating the consensus estimate of $5.94 billion; total sales grew at a double-digit rate in each of the company's six business segments, and were strongest in the emerging economies.
-- Reported by Andrea Tse in New York
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