NEW YORK (TheStreet) -- Shares of 3M Company (MMM) are up 1.04% to $158.48 in pre-market trade after the diversified technology company said its per-share earnings could grow by as much as 12% next year as the company's appetite for acquisitions helps drive growth, the Wall Street Journal reports.
3M also increased its dividend for its next quarter by 20%. The company promised last December to adopt a somewhat less conservative financial strategy and consider larger acquisitions in an effort to improve shareholder returns, the Journal said.
Ahead of an investor meeting, 3M said it expects to report $8 to $8.30 in per-share earnings next year, compared with the $7.40 to $7.50 a share in earnings the company is expecting to post this year.
Analysts polled by Thomson Reuters are expecting 3M to post $8.20 in per-share earnings next year.
3M also said it expects its organic local-currency sales to grow 3% to 6% next year. For the current year, 3M has forecast 4% to 5% organic sales growth.
The outlook came a day after 3M agreed to sell its static control business to electronics-production company Desco Industries, the Journal noted.
3M also reaffirmed its long term-growth targets Tuesday, looking to grow its earnings 9% to 11% a year and its organic sales 4% to 6% a year.