St. Paul, MN, January 24, 2006--3M said its fourth-quarter earnings rose, lifted by sales increases in its industrial and display and graphics segments.
The company’s net income climbed to $761 million, or $0.99 a share, compared with $720 million, or $0.91 a share in the same period a year ago.
Sales rose 4.5% in the three months to Dec. 31 to $5.33 billion from $5.09 billion.
Analysts polled by Thomson First Call forecast earnings, on average, of $1.03 a share and sales of $5.4 billion.
Excluding accounting charges, 3M said it would have made $1.04 a share in the quarter.
Worldwide sales in its industrial segment rose 15.6%, including a 12% benefit from the acquisition of Cuno. Sales rose 8.1% in its display and graphics segment, a unit that makes films for LCD panels and large-screen televisions.
3M also said it would restate 2005 earnings to account for a $0.14 a share charge for options expensing. Including expenses for the repatriation of foreign earnings, 2005 income would be restated to $3.98 a share.
