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3M expects 2014 sales to grow 3-6 pct; raises dividend

Tuesday, 17 Dec 2013 | 8:51 AM ET

Dec 17 (Reuters) - 3M Co, whose products include Post-it notes and film for flat-panel televisions, said it expects organic sales to rise by 3-6 percent excluding the effect foreign exchange in 2014.

The company also raised its dividend for the first quarter by 35 percent to 85.5 cents per share.

3M forecast 2014 earnings of $7.30 to $7.55 per share. Analysts on average expected $7.40 per share on revenue of $32.63 billion, according to Thomson Reuters I/B/E/S.

The company expects to spend $17 billion-$22 billion on share repurchases for 2013-17, compared with its previous estimate of $7.5 billion-$15 billion.

The company's shares were up 2.6 percent at $131 before the bell on Tuesday.

(Reporting by Sagarika Jaisinghani in Bangalore; Editing by Joyjeet Das)

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