St. Paul, MN, April 6, 2006--3M Co. raised its forecast for first-quarter sales and earnings, citing strength in its industrial, safety, consumer and electronics-related businesses.
The company, shares of which rose almost 1 percent in premarket trading, also credited accelerated growth investments that began in the second half of 2005.
3M, best known for such brands as Scotch tape and Post-It notes, said it expects to report "organic" local-currency sales growth of about 8 percent for the quarter ended March 31. It previously forecast growth of 4 to 7 percent.
It expects total local-currency growth, including its acquisition of filtration maker Cuno, of more than 10 percent. In U.S. dollar terms, growth is expected to be about 8 percent.
The company, scheduled to report results on April 21, said it should post earnings in the range of $1.15 a share to $1.16 a share, up from its previous forecasted range of $1.10 to $1.14. Both ranges include expected stock options costs of 2 cents a share.
Analysts were expecting 3M to earn $1.12 a share before one-time items on sales of $5.52 billion.
