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3M profit rises 6 percent, sales up across businesses
July 24, 2014 / 11:46 AM / 3 years ago

3M profit rises 6 percent, sales up across businesses

(Reuters) - 3M Co (MMM.N) posted a 6 percent rise in quarterly profit on Thursday, helped by broad sales growth across the U.S. manufacturer’s range of businesses.

3M Company's respirator masks are displayed in Encinitas, California April 22. 2013. REUTERS/Mike Blake

The company, whose products include Post-it notes and films for electronic devices, said second-quarter net income rose to $1.27 billion, or $1.91 per share, from $1.2 billion, or $1.71 per share, a year ago.

Profit matched the $1.91 per share average estimate of analysts, according to Thomson Reuters I/B/E/S.

Revenue rose 4.9 percent to $8.13 billion, ahead of the $8.09 billion expected by analysts.

The company backed its full-year forecast for earnings in a range of $7.30 to $7.55 per share on sales growth of 3 percent to 6 percent. Analysts are looking for $7.46 per share in earnings for the year.

Through Wednesday, 3M shares had climbed 3 percent this year, in line with the increase for the Dow Jones industrials average .DJI.

Reporting by Lewis Krauskopf; Editing by Franklin Paul and Bernadette Baum

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