Diversified manufacturer 3M Co. on Friday posted a 16.6 percent increase in quarterly profit and boosted its full-year forecast on strength in its industrial, safety, consumer and electronics-related units.
Net income in the first quarter rose to $899 million, or $1.17 a share, compared with $771 million, or 97 cents a share, in the year earlier quarter. Analysts were expecting, on average, $1.16 a share, according to Reuters Estimates.
Sales rose 8.3 percent from last year to $5.6 billion, topping the $5.58 billion analysts had forecast.
3M, based in St. Paul, Minnesota, also raised its full-year financial forecast.
It now sees earnings in the range of $4.55 to $4.65 a share, up from its prior forecast of a range of $4.45 to $4.60. Both ranges include 16 cents in estimated stock options expensing.
The company expects local currency growth in its ongoing businesses to be in the range of 5.5 to 8 percent, up from its prior forecast of a range of 4 to 7 percent. It expects additional local-currency growth of about 1.5 percent from acquisitions.
Analysts were expecting 2006 earnings of $4.65 a share on sales of $22.68 billion.
Through Thursday, shares of 3M, best known for such consumer brands as Scotch tape and Post-It notes, were up 6.6 percent this year. The Standard & Poor’s 500 index and the Dow Jones industrial average were up 5.1 percent and 5.8 percent, respectively, in the same period.