boosted its second-quarter guidance, saying results will be better than expected due to higher sales volumes.
The diversified technology company expects to earn $1.13 a share in the quarter on a reported basis including employee separation costs and depreciation charges, up from 50 cents a share a year ago.
On a pro forma basis, the company expects $1.33 a share, up from $1.12 a year ago and ahead of the Thomson Financial/First Call consensus estimate of $1.25.
3M said earnings will benefit from higher sales volumes, particularly in the Asia Pacific region, and better operating efficiencies.
Shares of 3M closed Friday at $123 before the revised guidance.