3M Reports 16.3 Percent Increase In Quarterly Profit
MAPLEWOOD, Minn. (AP) _ 3M Co. said Wednesday its earnings rose 16.3 percent in the fourth quarter, citing increased sales and improved productivity.
The company, which makes products ranging from sandpaper to computer diskettes, reported profits of $332 million, or 79 cents a share. That was up from $286 million, or 67 cents a share, in the same 1993 period.
Revenues rose 10.7 percent to $3.86 billion from $3.48 billion.
Profits for all 1994 rose 4.7 percent to $1.32 billion, or $3.13 a share, after a pre-tax charge of $35 million related to breast implant litigation. Profits for 1993 were $1.26 billion, or $2.91 a share.
Revenues rose 7.6 percent to $15.1 billion from $14 billion.
Domestic sales rose 7 percent and 10 percent internationally. 3M continued to do well in Asia and Latin America and saw business increase in Europe. The company expects continued growth.
``Our strong flow of new products, expansion in international markets, sharp focus on customer satisfaction and continued productivity improvement all will drive growth,″ L.D. DeSimone, chairman and chief executive officer, said.
3M stock was down 25 cents at $51.87 1/2 in early afternoon trading on the New York Stock Exchange.