By Michael Calia
3M Co. said its sales grew in the most recent period, driven by
positive performance across the consumer and industrial goods
maker's business.
Profit for the quarter narrowly beat analysts' expectations, but
revenue fell shy of them.
The St. Paul, Minn., company, which affirmed its outlook for the
year, has been eager to seek acquisitions to boost earnings, even
as it pursues a more conservative financial strategy.
3M makes a variety of products for consumer and industrial
applications, from Scotch tape to medical and dental supplies.
3M's electronics and energy unit's sales grew 3.3% to $1.4
billion on the strength of international markets, while U.S. growth
was flat. The industrial unit's results, however, were driven by
strength in the U.S., with Latin America/Canada and Asia Pacific
also driving growth. The segment posted $2.6 billion in sales, an
increase of 1.4%.
The company said sales in its consumer division rose 2.2% to
$1.1 billion, while its health-care segment posted a 2.4% increase
in sales to $1.4 billion.
Overall, 3M reported earnings of $1.18 billion, or $1.81 a
share, up from $1.1 billion, or $1.62 a share, in the prior-year
period.
Revenue rose 2% to $7.72 billion. Excluding exchange rates and
acquisitions, organic sales rose 6.3%.
Analysts had projected earnings of $1.80 a share and revenue of
$7.77 billion, according to Thomson Reuters.
Write to Michael Calia at michael.calia@wsj.com
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