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3M (MMM) 4Q Profit Rises 4 Pct On Sales Growth, Affirms Guidance

 January 24, 2013 07:48 AM
 


(By Balachander S) 3M Co (NYSE: MMM) posted a 4 percent rise in earnings and sales for the fourth quarter helped by sales growth at five of its six business segments and the diversified technology company affirmed its guidance.

For the fourth quarter, earnings per share (EPS) increased 4.4 percent to $1.41, matching Wall Street projections. Earnings attributable to 3M grew 4 percent to $991 million.

Net sales rose 4 percent to $7.39 billion, while consensus estimate called in for a growth of 1.30 percent. Organic local-currency sales increased 4.3 percent and currency impacted sales by 3.1 percent.

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Total operating income margins were 19.5 percent.

Segment wise, organic local-currency sales grew 3.9 percent in Industrial and Transportation and 8.7 percent in Consumer and Office. Sales increased 8.3 percent in Display and Graphics and 5.9 percent in Health Care and 1.8 percent in Electro and Communications. Sales fell 1.7 percent in Safety, Security and Protection Services.

On a geographic basis, organic local-currency sales gained 9.7 percent in Latin America/Canada, 5.2 percent in the United States and 5.8 percent in Asia Pacific. In Europe, Middle East and Africa (EMEA) sales fell 1.0 percent.

Looking ahead for 2013, the company still expects EPS in the range of $6.70 to $6.95, while analysts' expect $6.85. MMM continues to forecast organic sales growth of 2 percent to 2.5 percent.

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MMM shares, which have been trading in the 52-week range between $81.99 and $99.69, ended previous trading session at $99.49.

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