GO
Loading...

Enter multiple symbols separated by commas

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.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • CEO discuss the 'Buffett factor'

    John Stumpf, Wells Fargo chairman & CEO; Kenneth Chenault; American Express chairman & CEO; Ginny Rometty, IBM chairman & CEO; and Muhtar Kent, Coca-Cola chairman & CEO, discuss their relationships with Warren Buffett and marvel at just how easy it's been to communicate with him.

  • Rometty on Watson: He never stops learning

    IBM CEO Ginny Rometty talks Watson, and how it's going to help people make decisions. It never stops learning, she says. Rometty also discusses the company's dividend.

  • Why Buffett bought more IBM

    Berkshire CEO Warren Buffett addresses his purchase of more IBM shares and allegations of predatory lending at Clayton Homes.