3M earnings rise 6.4 percent

/ Source: The Associated Press

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."