FILE - This Jan. 26, 2010 file photo shows the 3M Co. logo on some of the company's products, in Philadelphia. 3M reports quarterly financial results on Thursday, Oct. 23, 2014. (AP Photo/Matt Rourke, File)
Republished October 23, 2014 - 6:23 AM
Original Publication Date October 23, 2014 - 5:15 AM
ST. PAUL, Minn. - Diversified manufacturer 3M's third-quarter net income rose 6 per cent 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 totalled $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 per cent 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 per cent to $2.8 billion. Revenue from its electronics and energy unit rose nearly 4 per cent to $1.5 billion. Safety and graphics revenue rose 1 per cent to $1.4 billion and revenue from health care products rose about 5 per cent to $1.4 billion.
Revenue from consumer products like Scotch tape and Post-its rose 2 per cent to $1.2 billion.
Shares of 3M Co. rose $3.02, or 2.2 per cent, to $141.97 in premarket trading shortly before the market open.
News from © The Associated Press, 2014