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HomeMy WebLinkAbout2014 01-30 3M hits 4Q profit target, misses on revenue STAR TRIBUNE StarTribune 3M hits 4Q profit target, misses on revenue Article by:Dee DePass Star Tribune JAN 3 0 2014 a January 30,2014-8:44 AM iiaVa 3M Co.posted fourth-quarter earnings Thursday morning that met analysts'expectations on profit but missed on revenue. Officials said they were pleased with the quarter,noting that industrial product sales proved strong. �r Earnings for the quarter were$1.1 billion,or$1.62 per share, pr finished a strong year in line with analysts'fourth-quarter 201r g q P profit forecasts put slightly below revenue expectations.2013 which met analysts consensus expectations. file photo of 3M Co.'s corporate neaogoartos in Maplewood. Ariana Lindquist,Bloomberg Sales grew 2.4 percent to$7.6 billion.Analysts generally expected revenues of$$7.7 billion. "The fourth quarter concluded a very successful year for 3M,"CEO Inge Thulin said in a statement."We generated broad- based,profitable sales growth across the portfolio and per-share earnings rose nearly 15 percent in the quarter." 3M shares fell about 1.4 percent in early trading on the New York Stock Exchange. Full-year sales for the Maplewood-based maker of Post-it notes,respirators,adhesives and sandpaper grew 3.2 percent to $30.9 billion.The company's 2014 profit was$4.65 billion,or$6.72 per share. Analysts on average had expected sales to break the$31 billion mark and for earnings to hit$6.72 per share. 3M affirmed its 2014 guidance,saying that full-year earnings should reach$7.30 to$7.55 a share and that sales should grow 3 to 6 percent. Dee DePass•612-673-7725 ©2014 Star Tribune