updated 10/20/2006 9:49:28 AM ET 2006-10-20T13:49:28

3M Co., maker of Scotch tape and furnace filters, said on Friday that its third-quarter profit rose 6.4 percent as its business making films for LCD television and computer screens rebounded.

3M said it earned $894 million, or $1.18 per share, during the quarter that ended Sept. 30, up from $840 million, or $1.08 per share, during the same period last year. Revenue rose 8.8 percent to $5.86 billion, from $5.38 billion during the same period last year.

Analysts surveyed by Thomson Financial had predicted earnings of $1.12 per share on revenue of $5.76 billion.

3M said it expects to earn $1.10 to $1.16 per share during the fourth quarter, excluding 12 to 13 cents per share for acquisition costs. Analysts are expecting $1.13 per share.

The results followed a disappointing second quarter, when 3M suffered from weaker sales of LCD televisions. The company makes film coatings for those screens.

Chairman and Chief Executive George Buckley said growth in the LCD film business accelerated in the third quarter as consumers bought more televisions. He said the company also improved its manufacturing process — a new production line had been causing problems — "and the new production line is now behaving in line with our expectations."

Copyright 2006 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 2.48%
$30K home equity loan FICO 5.80%
$75K home equity loan FICO 4.54%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.57%
13.57%
Cash Back Cards 17.91%
17.91%
Rewards Cards 17.15%
17.15%
Source: Bankrate.com