3M profit rises 7 pct to top Wall Street expectations as sales rise across all business units
ST. PAUL, Minn. (AP) -- 3M's profit rose 7 percent in the fourth quarter and sales increased at all its business units, though revenue fell short of Wall Street expectations.
The company also reaffirmed its earnings outlook for the year, but shares edged lower in early Tuesday in a sharp sell-off on U.S. markets.
3M Co. makes consumer, medical and business products, including Post-it notes, Scotch tape, industrial coatings and ceramics.
Sales at its safety and graphics unit rose 3.4 percent to $1.4 billion. They rose 3.3 percent to $1.4 billion at its electronics and energy business, 2.2 percent to $1.1 billion at its consumer business, 1.4 percent to $2.6 billion at its industrial business and 2.4 percent to $1.4 billion at its health care unit.
The St. Paul, Minnesota, company posted earnings of $1.18 billion, or $1.81 per share, in the three months ending Dec. 31, compared with $1.1 billion, or $1.62 per share, in the same period the year before.
Net income was 3 cents better than Wall Street was expecting, according to a poll by Zacks Investment Research.
Revenue rose 2 percent to $7.72 billion, below the $7.78 billion analysts expected.
3M expects full-year earnings between $8 and $8.30 per share. Analysts expected earnings of $8.21 per share, according to FactSet.
Shares of 3M slipped 76 cents to $163.48 in trading just after the market opened Tuesday morning. Its shares are up about 27 percent from a year ago.
Parts of this story were generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on MMM at http://www.zacks.com/ap/MMM
Keywords: 3M, Earnings Report, Priority Earnings