3M Reports Higher Profit on Overseas Sales
Maplewood, MN, Oct. 21, 2008--3M Co.said its third-quarter profit increased 3 percent on higher international sales led by growing demand from Latin America.
The company said net income edged higher to $991 million, or $1.41 per share, from $960 million, or $1.32 per share, a year ago. Excluding one-time items, 3M would have earned $999 million, or $1.42 per share, in the latest period.
Revenue for the three months ended Sept. 30 rose 6.2 percent to $6.56 billion, boosted by 26 percent sales growth in Latin America.
Sales in Europe and Canada gained 8 percent and 9 percent, respectively, while revenue in the Asia Pacific region fell 1 percent. The dollar's weakness against other major currencies boosted 3M's sales growth in the quarter by 2.1 percentage points.
Of its six core business, 3M reported double-digit revenue growth in three of its largest, including Industrial Transportation, Health Care and Safety, and Security and Protection Services.
Looking ahead, the conglomerate expects 2008 adjusted profit between $5.40 to $5.48 per share, representing growth of 8.4 percent to 10 percent over 2007 earnings per share of $4.98. This is slightly revised from prior guidance for 10 percent growth.