3M fourth-quarter profit meets Wall Street view

ST. PAUL, Minn., Thu Jan 24, 2013 — 3M Co. reported a 3.9 percent rise in quarterly profit, matching expectations, on solid growth in sales of its wide array of products ranging from Post-It notes to films used in television screens.

The company said on Thursday that fourth-quarter profit increased to $991 million or $1.41 per share, from $954 million, or $1.35 per share, a year earlier.

Profit met analysts’ average estimate, according to Thomson Reuters I/B/E/S.

Revenue rose 4.2 percent to $7.39 billion from $7.09 billion. Wall Street had looked for $7.18 billion.

The company confirmed its 2013 profit forecast of $6.70 to $6.95 per share.

CEO Inge Thulin, coming to the end of his first year in the top job, has said one of his first priorities is to prune smaller, underperforming businesses and pursue fewer, but larger acquisitions.