3M Net Profit Jumps on Sale of Pharma Business

Conglomerate 3M said Thursday its first-quarter earnings and revenue climbed from the same quarter last year, thanks to strength in its health care and security businesses and the sale of its European branded pharmaceutical business.

Dow component 3M reported net profit of $1.37 billion, or $1.85 a share, for the first quarter, up 52% from net profit of $899 million, or $1.17 a share, in the same quarter a year ago. Revenues rose 6.1% to $5.94 billion from $5.59 billion in the year-ago period.

Excluding the sale of the European drug business, the company earned $1.28 a share.

Looking ahead, the company said it expects full-year earnings per share of $4.50 to $4.85 as share, excluding one-time items. That’s in line with estimates from analysts polled by Thomson Financial, who were looking for $4.66 a share.