3M Boosts Annual Outlook Following Strong First Quarter
April 25 2017 - 8:50AM
Dow Jones News
By Ezequiel Minaya
3M Co. on Tuesday said it raised its full-year profit outlook as
first-quarter results beat Wall Street expectations, boosted by
growth in its core industrial unit and a resurgent electronics
business.
The St. Paul, Minn., company said it now expects earnings on a
per-share basis between $8.70 and $9.05, up from a prior forecast
of $8.45 to $8.80.
The company also projected local-currency sales growth to be
between 2% and 5%, up from a previous range of 1% to 3%.
Shares of the company rose 2.2% premarket to $198.40.
The maker of consumer and industrial products such as Post-it
Notes and Scotch tape and industrial adhesives said sales in its
industrial segment, the company's largest by revenue, increased
4.2% to $2.71 billion.
Sales in its previously struggling electronics segment, which
makes components for everything from smartphone screens to
components for wind and solar power generation, climbed 11% during
the quarter.
Over all for the quarter, 3M reported a profit of $1.32 billion,
or $2.16 a share, up from $1.28 billion, or $2.05, a year earlier.
Revenue rose 3.7% to $7.69 billion.
Analysts polled by Thomson Reuters had forecast earnings of
$2.06 on $7.47 billion in revenue.
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
(END) Dow Jones Newswires
April 25, 2017 08:35 ET (12:35 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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