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Post-it maker 3M's quarterly profit beats on controlled costs

3M's Scotch brand tape on display for sale at a supermarket in Princeton, Illinois.
Daniel Acker | Bloomberg | Getty Images
3M's Scotch brand tape on display for sale at a supermarket in Princeton, Illinois.

3M, the maker of Scotch tape and Post-it notes, reported on Tuesday better-than-expected quarterly profit, as the company kept a tight lid on costs.

The company, which gets more than 60 percent of its revenue from outside the United States, has been restructuring its business through divestures and layoffs in an effort to reduce expenses.

3M's operating expenses fell 2.3 percent in the fourth quarter ended Dec. 31.

St. Paul, Minnesota-based 3M reaffirmed its 2017 earnings forecast of $8.45 to $8.80 per share and organic local currency sales growth of 1 percent to 3 percent.

Net income attributable to the company rose to $1.15 billion, or $1.88 per share, in the quarter, from $1.04 billion, or $1.66 per share, a year earlier.

Net sales increased 0.4 percent to $7.33 billion.

Analysts on average had estimated net income of $1.87 per share, on sales of $7.33 billion, according to Thomson Reuters I/B/E/S.

3M's shares were flat in premarket trading on Tuesday. Up to Monday's close, the company's stock had risen 28 percent in the last 12 months.

Correction: This story was revised to show that net sales increased 0.4 percent to $7.33 billion.