lifted its profit outlook for the full year Friday, but at the same time the conglomerate moderated its revenue forecast.
The company raised its 2007 earnings expectations for the second consecutive quarter, saying it should post a profit of $5.54 to $5.62 a share, including a gain of 60 cents to 65 cents.
Previously, it had estimated a bottom line of $5.40 to $5.60 and a gain of 60 cents to 70 cents.
However, the company also now expects full-year, local-currency sales growth, adjusted for the divestiture of its branded-pharmaceuticals business, to be within a range of 7% to 8%. After the second quarter, 3M had predicted 7% to 10% growth.
The outlook came as the company, part of the
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, said it earned $960 million, or $1.32 a share, in the latest third quarter, up from $894 million and $1.18 a share a year earlier. The most recent quarter includes a gain of 3 cents, and the year-ago had a benefit of 1 cent.
Sales in the quarter rose 5.5% to $6.18 billion. Analysts were looking for earnings of $1.28 and a top line of $6.29 billion.
3M edged down 37 cents to $94.36 in premarket trading.