3M earnings rise 17 percent
Published: Sat, Apr. 22, 2006 12:00AM
Modified Sat, Apr. 22, 2006 03:30AM
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closeMINNEAPOLIS -- 3M, the maker of Scotch tape, skin cream and furnace filters, said its first-quarter earnings jumped 17 percent on strong growth across its businesses. It also gave a bullish forecast and raised earnings guidance for the year.
3M said it earned $899 million, or $1.17 per share. It reported a revenue gain of 8 percent to $5.6 billion.
Analysts expected earnings of $1.14 per share on revenue of $5.58 billion.
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Chief financial officer Patrick Campbell said raw-material prices rose about 4 percent compared with the same quarter last year. 3M did not raise its own prices to compensate, but Campbell said cost controls in other areas kept the increases from hurting profits.
3M, once known as Minnesota Mining & Manufacturing, said its profit may rise 9 percent this year, buoyed in part by acquisitions.
3M, which is known for its Post-it notes, also makes branded drug products related to dermatology, women's health, cardiology and respiratory medicine. Its drug brands include Aldara, Difflam, Duromine, Tambocor, Maxair, Metrogel-Vaginal and Minitran.
The company has said it is looking to sell the health care division, and analysts have speculated it could fetch $3.5 billion.
3M shares gained $2.46 to $85.06.
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