July 25 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
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
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.