(Adds details, share movement)
April 25 3M Co, which makes Scotch tape
and Post-it notes, raised its 2017 profit forecast and reported
better-than-expected quarterly results, helped by growth across
its major businesses.
3M boosted its 2017 earnings forecast range to $8.70-$9.05
per share, from $8.45-$8.80. Analysts on average were expecting
earnings of $8.63, according to Thomson Reuters I/B/E/S.
Saint-Paul, Minnesota-based 3M also said it now expects
organic local-currency sales growth in the range of 2-5 percent,
compared with its prior outlook of 1-3 percent.
Net income attributable to the company rose 3.8 percent to
$1.32 billion, or $2.16 per share, in the first quarter ended
March 31 from a year earlier.
3M, which gets more than 60 percent of its revenue from
outside the United States, is reaping the benefits of
restructuring its business through divestures and layoffs over
the past year.
Net sales rose 3.7 percent to $7.69 billion.
Analysts on average had expected adjusted earnings of $2.06
per share and sales of $7.47 billion for the quarter.
Shares of the company were marginally up at $194.76 in early
trading on Tuesday.
Up to Monday's close, the stock had risen 15.2 percent in
the past 12 months, compared with a 13.5 percent rise in the S&P
(Reporting by Arunima Banerjee and Shashwat Awasthi in
Bengaluru; Editing by Anil D'Silva and Maju Samuel)