3M's 4th quarter profit climbs more than 11 per cent, helped by gains from biggest business
This Tuesday, Jan. 28, 2014, photo, shows a display of Scotch tape, a 3M brand, in a Walmart store in Robinson Township, Pa. 3M reports quarterly earnings on Thursday, Jan. 30, 2014. (AP Photo/Gene J. Puskar)
January 30, 2014 - 5:14 AM
3M says its fourth-quarter earnings jumped more than 11 per cent, fueled in part by a revenue gain from the Post-it note maker's industrial business.
The Maplewood, Minn., company says it earned $1.1 billion, or $1.62 per share, in the quarter ended Dec. 31. That compares to $991 million, or $1.41 per share, a year ago.
Revenue climbed 2.5 per cent to $7.57 billion.
Analysts forecast earnings of $1.61 per share on $7.73 billion in revenue.
3M also makes reflective coatings for signs and glues and adhesives, and its products are used in a variety of industries.
It says revenue from its industrial business climbed 6.1 per cent to $2.6 billion, driven by gains for advanced materials, aerospace and automotive aftermarket products.
3M Co. shares are up 75 cents to $131 per share in premarket trading.
News from © The Associated Press, 2014