3M posts slight profit gain, boosts share buyback plan
(Reuters) - Diversified U.S. manufacturer 3M Co posted a slightly higher quarterly profit on Thursday, helped by revenue increases across most of its business lines, and raised the number of shares it expects to buy back this year.
The company, whose products include Post-it notes and film for flat-panel televisions, said second-quarter net income rose to $1.2 billion, or $1.71 per share, from $1.17 billion, or $1.66 per share a year ago.
Analysts on average expected $1.70 per share, according Thomson Reuters I/B/E/S.
Revenue increased 2.9 percent to $7.75 billion. Analysts were looking for $7.77 billion.
3M backed its full-year earnings forecast of $6.60 to $6.85 per share. Analysts were anticipating $6.71. The company had lowered its projection in April from a range of $6.70 to $6.95 per share.
The company expects its 2013 share repurchases to be in the range of $3.5 billion to $4.5 billion compared with $2 billion to $3 billion, previously.
(Reporting by Lewis Krauskopf; Editing by Maureen Bavdek)
- Target holiday cyber breach hits 40 million payment cards
- UPDATE 3-Saab wins Brazil jet deal after NSA spying sours Boeing bid
- Home sales tumble, jobless claims at near nine-month high
- Zuckerberg to sell Facebook shares worth about $2.3 billion
- Special Report: Why Ukraine spurned the EU and embraced Russia