St. Paul, MN, April 21, 2006--3M Co. reported first-quarter earnings that were up almost 17 percent, and the maker of Post-it notes, Scotch tape and optical films for LCD screens raised its guidance for the year.
The company said it earned $899 million, or $1.17 per share, up from $771 million, or $0.97 per share, during the same period last year. Revenue of almost $5.6 billion was up 8 percent from $5.17 billion during last year's first quarter.
Analysts expected earnings of $1.14 per share on revenue of $5.58 billion. Both the analysts' estimate and 3M's results include 2 cents per share for stock-based compensation in the latest quarter.
3M predicted second-quarter earnings per share in the range of $1.14 to $1.17, including $0.08 for stock options. Analysts had been expecting $1.15, with a range of $1.11 to $1.18.
For the full year, it predicted it would earn $4.55 to $4.65 per share, up from its earlier forecast of $4.45 to $4.60. Both include $0.16 per share for stock options. Analysts were expecting $4.61.
3M, which has operations worldwide, said it expects local currency sales growth of 5 percent to 8 percent for the second quarter, and 5.5 percent to 8 percent for the year.
"Looking ahead, we expect continued strong sales and earnings growth through the rest of 2006," chairman, president, and CEO George Buckley said in a prepared statement. "For the longer term, I see tremendous opportunity for the people of 3M to transform our many strengths -- innovative technology and products, broad geographic presence and capability, and established positions in many fast growth end-markets -- into even greater sustainable growth."
