3M Profit Boosted by Strength in Consumer, Health
Diversified technology company 3M reported fourth-quarter earnings on Thursday that broadly met analysts' expectations, driven by strong performance in its consumer, graphics and health care segments.
The company, which manufactures products such as Post-It notes and electronics, reported earnings excluding items of 1.41 per share from $1.35 in the comparable year-ago period.
After the release, the company's shares rose in pre-market trading, trading around $100.
Revenue improved to $7.4 billion — an all time record — from $7.09 billion a year ago. Net income for the quarter was one billion, with full year sales topping $29 billion, up one percent from the comparable year-ago period.
"Our people executed well in the face of challenging macroeconomic conditions and we have built good momentum to innovate and move forward in 2013," said Inge G. Thulin, 3M chairman, president and CEO.
Analysts had expected 3M to report earnings excluding items of $1.41 a share on $7.18 billion in revenue, according to a consensus estimate from Thomson Reuters.
The company affirmed its 2013 full-year expectations, anticipating that 2013 earnings will fall in a range of $6.70 to $6.95 per share, with an additional boost from local currency sales growth.
(Click here to track the market reaction to 3M's earnings report before the opening bell.)