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.
MINNEAPOLIS, Thu Nov 8, 2012 – Diversified U.S. manufacturer 3M Co. aims to grow earnings per share at a 9 percent to 11 percent average annual rate from 2013 through 2017, CEO Inge Thulin told investors on Thursday.
The maker of products ranging from Post-It notes to films used in electronics expects organic revenue – a measure that excludes the effects of acquisitions, divestitures and currency fluctuations – to grow by 4 percent to 6 percent over the next five years.
To hit its growth targets, 3M plans both to make acquisitions and to sell or repair weaker-performing parts of the company, Thulin said. He noted that 3M has identified operations that generate about $2.5 billion in annual revenue – roughly 8 percent of the corporate total – that are neither financially nor strategically attractive.
“They will not stay in that position,” Thulin told an investor meeting that was monitored over the Internet. “You will see much more active portfolio management from us as a team as we move ahead.”
Thulin declined to identify the unattractive businesses.
The company expects to generate 40 to 45 percent of its sales in developing markets, including Latin America and China, by 2017, up from 35 percent at present.
3M shares were down 16 cents, or less than 1 percent, at $89.22 in early trading on the New York Stock Exchange.
MINNEAPOLIS, Minn., Tue Oct 23, 2012 – Diversified U.S. manufacturer 3M Co. on Tuesday reported a 6.7 percent rise in third-quarter profit but cut its profit forecast for the full year as acquisition costs and a strengthening dollar hurt margins.
The maker of products ranging from Post-It notes to films used in consumer electronics said net income was $1.16 billion, or $1.65 per share, compared with $1.09 billion, or $1.52 per share, a year earlier.
Profit met Wall Street forecasts, according to Thomson Reuters I/B/E/S.
3M now expects to earn $6.27 to $6.35 per share for all of 2012, below its prior forecast of $6.35 to $6.50. Analysts had expected $6.40.
Third-quarter revenue was little changed at $7.5 billion, shy of the $7.63 billion analysts had anticipated.
MINNEAPOLIS, Minn., Thu Jul 26, 2012 – 3M Co. reported a higher-than-expected quarterly profit on Thursday, helped by double-digit gains in its healthcare and industrial and transportation businesses, and the diversified manufacturer kept its full-year forecast unchanged.
The maker of Post-It notes, specialty films used in consumer electronics, and health and safety products said it had earned $1.17 billion, or $1.66 per share, compared with $1.16 billion or $1.60 per share, a year earlier.
The results beat analyst estimates by 1 cent a share, according to Thomson Reuters I/B/E/S.
Sales dipped 2 percent to $7.53 billion, about $250 million shy of Wall Street estimates. Sales and profits were lower in 3M’s display and graphics business and in the segment that serves telecom and consumer electronics markets.
3M said the strong dollar and challenging economies had hurt sales in the quarter, but kept its 2012 profit forecast that calls for earnings of $6.35 to $6.50 a share. Consensus estimates are near the bottom of that range.
MINNEAPOLIS, Minn., Tue Apr 24, 2012 – 3M Co. reported a 4 percent rise in quarterly profit on Tuesday, helped by a strong performance in its industrial and transportation business and growth in the Americas.
The maker of Post-It notes, Scotch tape and components for consumer electronics reported net earnings of $1.12 billion, or $1.59 per share, compared with $1.08 billion, or $1.49 per share, a year earlier.
3M’s sales rose 2.4 percent to $7.5 billion during the first quarter, the company said.
MAPLEWOOD, Minn. ― 3M Co. has added heft to its office supplies business, which includes the iconic Post-it and Scotch brands, with its $550 million acquisition of Avery Dennison Corp’s office and consumer products unit.
The diversified manufacturer said the cash deal would reduce its earnings by about 6 cents a share in the year after the deal closes, which is expected in the second half of 2012.
Excluding items, the deal would add 3 cents a share in the same period, it said in a statement.
In a separate statement, Avery Dennison said it intends to use the money to reduce debt and repurchase shares. Pro forma sales in 2011, excluding the office products business, is expected to be about $6 billion, it said.
The office and consumer products business is expected to post sales of about $765 million in 2011, the companies said.
In November, MeadWestvaco Corp. also spun off its consumer and office products business and merged it with Acco Brands Corp.
MINNEAPOLIS, Minn. ―3M Co. is offering early retirement incentives to 4,900 employees and expects about 15 percent to participate in the program, a spokeswoman for the diversified U.S. manufacturer said on Wednesday.
“We are responding to the current economic situation by aggressively controlling costs and conserving cash,” said spokeswoman Jacqueline Berry.
3M began to curb spending in the third quarter through a hiring freeze and reduced travel, she added.
The company has about 80,000 employees worldwide, according to its website.