NEW YORK (TheStreet) -- Shares of 3M Co. (MMM) - Get 3M Company Report are higher by 5.87% to $147.10 in late morning trading on Thursday, after the company reported an increase in 2014 third quarter net income to $1.3 billion, or $1.98 per diluted share, from $1.2 billion, or 1.78 per diluted share for the year ago period.

Analysts were expecting the diversified technology company, which makes products ranging from Post-it notes to stethoscopes, to post earnings of $1.96 per share.

3M said revenue for the most recent quarter grew by 2.8% to $8.1 billion, from $7.9 billion for the 2013 third quarter.

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"This was another strong quarter for 3M. The 3M team once again delivered broad-based organic growth with operating margins exceeding 22% in all businesses. As we look forward, our focus will remain on actively managing the portfolio and strategically investing in the business to continue delivering profitable growth across the company. 3M remains on track to deliver its long-term financial objectives," said company CEO Inge Thulin.

Separately, TheStreet Ratings team rates 3M CO as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:

"We rate 3M CO (MMM) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, expanding profit margins and growth in earnings per share. We feel these strengths outweigh the fact that the company shows weak operating cash flow."

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You can view the full analysis from the report here: MMM Ratings Report

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