3M tops Street third-quarter forecasts

3M Post-It products
Mark Elias | Bloomberg | Getty Images
3M Post-It products

3M on Tuesday reported a third-quarter profit of $1.43 billion.

The St. Paul, Minnesota-based company said it had net income of $2.33 per share.

The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.21 per share.

The maker of Post-it notes, industrial coatings and ceramics posted revenue of $8.17 billion in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $7.91 billion.

3M expects full-year earnings to be $9 to $9.10 per share.

3M shares have increased 24 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 15 percent. The stock has increased 31 percent in the last 12 months.