HomeMy WebLinkAbout2015 01-29 3M beats 4Q profit expectations but misses on revenue PIONEER PRESS 3M beats 4Q profit expectations but misses on revenue
Associated Press
Updated:Ol/27/2015 05.'27:04 PM CST JAN 2 Q 2015 TwinCities.com
3M's profit rose 7 percent in the fourth quarter and sales increased at all its business units,
though revenue fell short of Wall Street expectations.
The company also reaffirmed its earnings outlook for the year,but shares edged lower
Tuesday in a sharp sell-off on U.S.markets.
3M Co.makes consumer,medical and business products,including Post-it notes,Scotch
tape,industrial coatings and ceramics.
Sales at its safety and graphics unit rose 3.4 percent to$1.4 billion.They rose 3.3 percent to
$1.4 billion at its electronics and energy business,2.2 percent to$1.1 billion at its consumer
business, 1.4 percent to$2.6 billion at its industrial business and 2.4 percent to$1.4 billion
at its health care unit.
The Maplewood-based company posted earnings of$1.18 biilion,or$1.81 per share,in the
three months ending Dec.31,compared with$1.1 billion,or$1.62 per share,in the same
period the year before.
Net income was 3 cents better than Wali Street was expecting,according to a poll by Zacks
Investment Research.
Revenue rose 2 percent to$7.72 billion,below the$7.78 billion analysts expected.
3M expects full-year earnings between$8 and$8.30 per share.Analysts expected earnings
of$8.21 per share,according to FactSet.
Shares of 3M lost 61cents to$163.63.