3M (MMM) said third-quarter earnings rose behind a strong sales gain in the industrial segment.

The St. Paul, Minn., conglomerate earned $853 million, or $1.10 a share, for the quarter ended Sept. 30, up from the year-ago $775 million, or 97 cents a share. Latest-quarter earnings were hit by a 2-cent charge on the Aug. 2 acquisition of Cuno. Analysts surveyed by Thomson First Call had forecast a third-quarter profit of $1.08 a share.

Revenue rose 8.3% from a year ago to $5.4 billion, led by a 12% sales gain in industrial, a 7.9% rise in display and graphics and 7.8% in security, safety and protection.

"Looking ahead to the fourth quarter, we expect broad-based sales growth throughout our diverse portfolio and another double-digit earnings per share increase," said Patrick D. Campbell, 3M senior vice president and CFO. "We expect global demand for our products to remain strong, and our productivity and pricing initiatives to help offset raw material and energy cost pressure."

The company guided toward full-year adjusted earnings, excluding certain costs, of $4.24 or $4.25 a share, which is in line with the Wall Street estimate. 3M also said it would add $300 million to an existing stock-buyback plan, giving it total repurchase authority through Jan. 1 of $500 million.

Early Tuesday, 3M was set to open at $72.47.

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