St. Paul, MN, Mar. 15--3M Co. boosted its earnings projections for the first quarter and full year, noting continued growth in its display and graphics business and improving industrial trends.
In a press release Monday, 3M said it now expects first-quarter earnings of 86 cents to 88 cents a share. In January, the industrial conglomerate projected first-quarter earnings of 80 cents to 82 cents a share.
Thomson First Call's mean analyst projection calls for earnings of 82 cents a share. 3M expects first-quarter sales volume growth will be toward the higher end of its previous projection of 5% to 8%. The company anticipates total revenue growth will exceed 10% in the quarter, aided in part by favorable foreign currency translation. In the year-earlier first quarter, 3M reported earnings of 71 cents a share on revenue of $4.7 billion.
3M's shares were recently unavailable for after-hours trading after closing the regular New York Stock Exchange session at $74.87, off $1.35, or 1.8%.
3M, a component of the Dow Jones Industrial Average, raised its 2004 forecast for per-share earnings to $3.52 to $3.62 from its Jan. 20 projection of $3.46 to $3.52. Analysts, on average, see 2004 earnings of $3.53 a share.
The maker of items such as Post-It notes and Scotch tape maintained its projection for full-year sales volume growth between 5% and 8%.
In 2003, 3M posted income from continuing operations of $3.09 a share, with revenue of $18.23 billion.
