became the latest consumer products company to tweak guidance higher, saying Monday that it expects first-quarter and full-year earnings to exceed forecasts.
The estimate reflects better-than-10% revenue growth over last year, about half of which is attributable to a weaker dollar. The company said it also has seen strength in its display and graphics segments, along with improving growth trends in many of its industrial-based businesses.
The company now expects to earn 86 cents to 88 cents a share in the quarter, up from its previous estimate of 80 cents to 82 cents a share. Analysts had been forecasting earnings of 81 cents a share on revenue of $4.70 billion in the quarter.
For all of 2004, 3M expects to earn $3.52 to $3.62 a share, up from its previous estimate of $3.46 to $3.52 a share. Analysts had been forecasting earnings of $3.53 a share on revenue of $19.64 billion for the year, according to Thomson One Analytics.
3M's shares were trading for $76.87 on the Instinet after-hours session, up $2, or 2.6%, from their 4 p.m. EST close.
The higher guidance follows similar statements over the past week from
Procter & Gamble