3M Co. reported third-quarter earnings of $1.23 billion, or $1.78 a share, compared to $1.16 billion, or $1.65 a share, in the same period a year earlier
The diversified technology firm said net sales rose to $7.9 billion from $7.5 billion a year earlier Analysts surveyed by FactSet produced a consensus forecast for earnings of $1.75 a share on revenues of $7.9 billion
"All business groups generated positive organic sales growth and operating margins above 20%. At the same time, we further strengthened the company through increased investments in innovation, commercialization and manufacturing," said Inge Thulin, chief executive
3M updated its full-year forecast, narrowing the range for full-year earnings to $6.65 to $6.75 a share from a previous range of $6.60 to $6.85
The company said it expects full-year organic local-currency sales growth of 3% to 4% versus its previous forecast of 2% to 5%.
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3M Co. said its third-quarter earnings rose a surprisingly strong 5.9%, helped by sales growth across its business segments.
The St. Paul, Minn.-based conglomerate reported improved results in a wide variety of businesses including granules used for roofing, materials used in cars and airplanes, and industrial adhesives. Back-to-school shopping was strong, 3M /quotes/zigman/302497/quotes/nls/mmm MMM +0.49% said.
In the latest quarter, sales in the electronics and energy business rose 2.5%, a reversal from sales declines in recent periods. Industrial sales gained 8.6%. Safety and graphics sales improved 6.7%, and health-care sales added 5.5%. Consumer sales increased 2.1%.
3M said it expects full-year earnings of $6.65 to $6.75 per share, compared with the forecast range of $6.60 to $6.85 provided in July.
For the third quarter, 3M reported a profit of $1.23 billion, or $1.78 a share, up from $1.16 billion, or $1.65 a share, a year earlier. Sales added 5.6% to a record $7.92 billion. Acquisitions boosted sales 1.5%.
Analysts polled by Thomson Reuters had projected earnings of $1.75 a share and revenue of $7.86 billion.
Organic local currency growth, which excludes currency fluctuations and recent acquisitions, was 5.8% in the latest quarter. For the full year, 3M forecast organic growth of 3% to 4%, slightly below the long-term target of 4% to 6% set by the company a year ago.
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