St. Paul MN, January 30, 2007--3M Inc.'s fourth-quarter net income jumped 58%, including a $354 million gain from selling its pharmaceutical business, the company said Tuesday.
The company said its earnings for the three months ended December 31 increased to $1.18 billion, or $1.57 a share, from $746 million, or 97 cents, earned in the comparable 2005 period.
The latest quarter's per-share figure includes 47 cents on the sale of the unit.
Sales rose 9% to $5.78 billion. In terms of local currencies fourth-quarter sales increased 6.5%.
Analysts polled by Thomson Financial had expected 3M to come in with earnings of $1.14 a share on revenue of $5.76 billion, on average.
The company also said it expects 2007 earnings between $5.20 and $5.45 a share, or between $4.60 and $4.75 on an adjusted basis. The 2007 adjusted forecast includes 21 cents to reflect stock-option expenses.
Analysts' average profit forecast stands at $4.99 a share for 2007.
Looking back at 2006, CEO and chairman George Buckley said 3M accelerated its investments in research and development, sales and marketing, growth-oriented capital investments and selected acquisitions, while maintaining profitability.
"These investments have strengthened our positions in growing markets, and as they begin to bear fruit, I am confident that we will transform 3M into a faster-growing, higher-performing enterprise," he said.
