3M Posts 6.4% Profit Growth; Shares Rise
From the Associated Press
3M Co. reported growing profit across most of its businesses and said sales had turned around for its optical films for LCD televisions and computers, a key business that had lagged recently.
The 6.4% profit growth topped analyst expectations, just three months after 3M reported disappointing results because of slack demand for LCD films and problems at a new manufacturing plant.
Maplewood, Minn.-based 3M said it earned $894 million, or $1.18 a share, up from $840 million, or $1.08, a year earlier. Revenue rose 8.8% to $5.86 billion.
Analysts surveyed by Thomson Financial had predicted earnings of $1.12 a share on revenue of $5.76 billion.
Shares of 3M, a Dow component, rose $2.07 to $78.47.
