NEW YORK (TheStreet) -- Shares of diversified conglomerate 3M (MMM) - Get Report shot up more than 3% after the company raised its full-year performance expectations for the third consecutive quarter.
3M stock was up 3.2% to $84.90 Thursday morning.
For the full year, the company expects per-share earnings to be in the range of $5.65 to $5.80, excluding the Medicare Part D-related charge recorded in the first quarter of this year, compared with a prior-expected range of $5.40 to $5.60. The consensus earnings estimate for the year has been $5.63 a share.
Furthermore, the company now expects organic sales volumes to grow 13% to 15% compared with the previously-expected 10% to 12% . Operating income margins, previously anticipated to exceed 22% , are now expected to exceed 22.5% for the year.
For the second quarter, 3M reported earnings of $1.54 a share on sales of $6.7 billion. Sales and per-share earnings increased 17.7% and 37.5% respectively. Adjusted non-GAAP earnings was $1.54 a share. On average, analysts were expecting earnings of $1.48 on revenue of $6.66 billion.
3M Stock Rating Report (MMM) Rating and Financial Analysis
Sales improved in all businesses and geographic regions, with particular strength in Electro and Communications at 32%, Display and Graphics at 30% and Industrial and Transportation at 23%. On a geographic basis, sales growth was strongest in emerging economies, where sales expanded by 38% compared with the year-ago period.
-- Reported by Andrea Tse in New York
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