3M 4Q profit climbs more than 11 percent
3M says its fourth-quarter earnings jumped more than 11 percent, fueled in part by a revenue gain from the Post-it note maker’s industrial business.
Its earnings topped expectations, but its revenue was short. Its shares slipped in premarket trading.
The Maplewood, Minnesota, company said Thursday it earned $1.1 billion, or $1.62 per share, in the quarter ended Dec. 31. That is up from $991 million, or $1.41 per share, a year ago.
Revenue rose 2.5 percent to $7.57 billion from $7.38 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 percent to $2.6 billion, driven by gains for advanced materials, aerospace and automotive aftermarket products.
3M Co. shares slipped 75 cents to $129.50 in premarket trading about 45 minutes ahead of the market opening.