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3M's 4Q Profit Up 2.8% On Industrial, Transportation Strength

DOW JONES NEWSWIRES 3M Co.'s (MMM) fourth-quarter earnings rose a better-than-expected 2.8% as the consumer and industrial products maker saw strong growth in its industrial and transportation segment, but its display and graphics unit continued to post weaker sales. The industrial conglomerate, whose products range from Post-it notes to power lines to orthodontic braces, had predicted its sales growth would remain sluggish in the new year, following an unexpectedly soft third quarter. It cited more customers drawing down inventories instead of making more orders, a problem currently challenging many providers of raw materials and product components. Its long-term outlook, though, has been bright, particularly in Asia, Latin America and other fast-growing areas. Earlier this month, 3M agreed to buy Avery Dennison Corp.'s (AVY) office and consumer products business for $550 million, giving it a new line of labels, binders and filing and indexing products. 3M reported a profit of $954 billion, or $1.35 a share, up from $928 billion, or $1.28 a share, a year earlier. Sales improved 5.7% to $7.09 billion, mostly thanks to organic local-currency sales growth and higher selling prices, the company said. Analysts polled by Thomson Reuters most recently forecast earnings of $1.31 on revenue of $7.09 billion. Operating margin edged down to 19.2% from 19.4%. Sales in its industrial and transportation segment rose 14%, while its safety, security and protection services segment's sales were up 9.4%. Display and graphics sale continued to decline, falling 8.8% in the latest quarter. Shares of 3M, which backed its full-year guidance, closed Wednesday at $86.48 and were inactive premarket. The stock is up 12% over the past three months. -By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; ben.rubin@dowjones.com;

Stock News for Avery Dennison (AVY)
DateTimeHeadline
11/15/201307:11:08AQR Capital Management 3Q 13F: Holdings As Of Sep 30
11/15/201307:11:08AQR Capital Management 3Q 13F: Holdings As Of Sep -2-
07/23/201309:24:01Avery Dennison 2nd-Quarter Profit Up 7.2% on Sales, Margin Growth
03/29/201307:19:363M Says Court Upholds Validity of Retroreflective Sheeting Patent
10/24/201209:38:55Avery Dennison 3rd-Quarter Profit Rose 8.5% on Stronger Margins...
10/04/201209:21:09U.S. HOT STOCK FUTURES: HOT STOCKS TO WATCH
10/03/201218:20:403M, Avery Dennison Scuttle $550 Million Acquisition
09/04/201219:41:05DOJ: 3M Abandons Avery Deal Amid Antitrust Lawsuit Threat
09/04/201219:39:30Justice Department: 3M Drops Plans to Acquire Avery Dennison's...
09/04/201216:31:18Justice Department May Sue to Block 3M Purchase of Avery Dennison...
06/21/201216:21:13Expanding Toll Roads Prompted 3M's $110 Million Deal for Federal...
04/21/201200:20:37MARKET SNAPSHOT: U.S. Stock Gains Hinge On Apple, Blue-chip Results
02/07/201217:20:07Staples, Avery Target Home Organization With Martha Stewart Line
01/31/201209:41:56Avery Dennison 4Q Profit Off 81% On Prior-Year Benefit, Sales...
01/26/201209:21:30CORRECT: 3M's 4Q Profit Up 2.8% On Industrial, Transportation...
01/26/201209:14:583M's 4Q Profit Up 2.8% On Industrial, Transportation Strength
01/03/201209:04:083M To Acquire Avery Dennison Office, Consumer Products Unit For...
07/26/201110:00:46CORRECT: Avery Dennison 2Q Profit Drops 13% On Volume Declines
07/26/201109:19:14Avery Dennison 2Q Profit Drops 13% On Volume Declines
04/27/201109:23:44Avery Dennison 1Q Net Drops 18% On Weaker Margins; Revenue Rises

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