3M posts slight profit gain, boosts share buyback plan
3M 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.
After the earnings announcement, the company's shares edged lower in premarket trading. The stock is up since opening (Click here to get the latest quotes for 3M.)
The company, whose products include Scotch Tape, 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 earlier.
Analysts on average expected $1.70 per share, according Thomson Reuters.
Revenue increased 2.9 percent to $7.75 billion. Analysts were looking for $7.77 billion.
3M boosted 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, up from $2 billion to $3 billion.
—By Reuters with CNBC.com