3M Beats on Sales and Profit, Ups Outlook

NEW YORK ( TheStreet) -- 3M's ( MMM) earnings topped expectations as sales rose almost 10% to $6.7 billion.

Earnings in the quarter were $928 million, or $1.28 a share, down slightly from $935 million, or $1.30 a share, last year.

Organic sales volumes rose 8.6%, led by a 19.8% increase in 3M's electro and communications business.

Analysts surveyed by Thomson Reuters expected 3M to earn $1.27 a share on sales of $6.62 billion.

3M increased its adjusted earnings expectation for 2011 to $6.17 to $6.42 a share, up 10% to 14% year over year. The company also expects double-digit sales growth in 2011, with organic sales volume growing 5.5% to 7.5%.

-- Written by Joseph Woelfel

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