3M 3Q Net Income Rises 6 Pct, Beats Predictions
MINNEAPOLIS (AP) — 3M Co. says its third-quarter net income rose 6 percent, beating Wall Street predictions.
The company, which makes items including Post-it notes, reflective coatings for signs, and glues and adhesives, earned $1.23 billion, or $1.78 per share, up from $1.16 billion, or $1.65 per share, in the same quarter of 2012.
Revenue rose 6 percent to $7.92 billion from $7.5 billion.
Analysts surveyed by FactSet expected earnings of $1.75 per share on revenue of $7.86 billion.
Maplewood, Minn.-based 3M gets more than half of its revenue from outside the U.S. and its products are used in a variety of industries, so its results are watched closely as an economic indicator.
Its shares are up 80 cents to $124 in premarket trading about an hour ahead of the market opening.
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