3M Co. reported its fourth-quarter profit rose to $1.10 billion, or $1.62 a share, from $991 million, or $1.41 a share, a year earlier
Revenue rose to $7.57 billion, from $7.39 billion a year earlier, the conglomerate said
Analysts had expected earnings of $1.61 a share on revenue of $7.73 billion, according to FactSet
The company reaffirmed its full-year 2014 earnings guidance range of $7.30 to $7.55 per share
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3M earnings rise 11%, 2014 outlook affirmed
By John Kell
3M Co. unveiled a new $12 billion share-buyback program, continuing the industrial-products maker's practice of using cash flow to fund shareholder-friendly moves.
The company, which posted a full-year profit of $4.66 billion last year, uses ongoing cash flow generated from operations and capital market access to spend billions on buybacks, dividends and capital spending throughout the year.
But 3M doesn't always complete the repurchase plans it authorizes. Last year, for example, it authorized a $7.5 billion buyback plan in February. For all of 2013, it spent $5.2 billion on stock buybacks.
The new plan 3M unveiled on Tuesday, which replaced the existing program, has no pre-established ending date.
The move to buy back more stock comes after 3M boosted its quarterly dividend by 35% late last year. Last week, 3M reported an 11% rise in fourth-quarter profit, buoyed by demand for adhesives and other materials used in making and repairing cars.
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