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3M 3rd-quarter net income up 6 percent

Created: 10/23/2014 9:52 AM WNYT.com
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ST. PAUL, Minn. (AP) — Diversified manufacturer 3M's third-quarter net income rose 6 percent on higher revenue across all divisions.

The maker of Post-it notes, industrial coatings and ceramics also narrowed its guidance range.

Net income for the three months ending Sept. 30 after paying preferred dividends totaled $1.3 billion, or $2.02 per share, up from $1.23 billion, or $1.81 per share, last year. Analysts expected $1.96 per share, according to FactSet.

Revenue rose 3 percent to $8.14 billion from $7.92 billion. Analysts expected $8.23 billion. The stronger dollar hurt revenue by about 1 percentage point, the company said.

The St. Paul, Minnesota-based company narrowed its guidance to net income of $7.40 to $7.50 for the year, compared with prior expectations of $7.30 to $7.55. Analysts expected $7.46 per share.

At its industrial unit, which makes auto and aircraft parts, revenue rose 3 percent to $2.8 billion. Revenue from its electronics and energy unit rose nearly 4 percent to $1.5 billion. Safety and graphics revenue rose 1 percent to $1.4 billion and revenue from health care products rose about 5 percent to $1.4 billion.

Revenue from consumer products like Scotch tape and Post-its rose 2 percent to $1.2 billion.

Shares of 3M Co. rose $3.02, or 2.2 percent, to $141.97 in premarket trading shortly before the market open.

(Copyright 2014 by The Associated Press. All Rights Reserved.)

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