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Big Beat at 3M

Shares jump 4%.
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3M (MMM) - Get 3M Company Report rose 4% early Thursday after the manufacturer posted a strong first quarter.

The St. Paul-based maker of Scotch tape made $1.4 billion, or 85 cents a share, for the quarter ended March 31, up from the year-ago $899 million, or $1.17 a share. The latest quarter included a 57-cent gain tied to the sale of 3M's drug business. Excluding that gain, earnings were $1.28 a share.

Sales rose 6% from a year ago to $5.9 billion. Analysts were looking for a profit of $1.12 a share on revenue of $5.7 billion.

3M said it continues to target full-year earnings of $5.20 to $5.45 a share.

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Shares rose $3.13 to $80.10.