3M Raises Low End of 2012 Guidance, Shares Rise
NEW YORK (TheStreet) -- 3M(MMM) , the maker of Post-It notes and Scotch tape, reported Tuesday first-quarter earnings that beat analysts' estimates and it raised the lower-end of its full-year 2012 guidance.
3M reported first-quarter earnings of $1.12 billion, or $1.59 a share, up from year-earlier earnings of $1.08 billion, or $1.49. The latest quarter included a one-time charge of 4 cents a share. Analysts, on average, were expecting earnings of $1.49 a share.
Sales rose 2.4% to $7.5 billion.
Sales increased the most during the quarter in 3M's industrial and transportation division, up 8.6%; the largest decline was in 3M's display and graphics segment where sales declined11.8%.
3M raised its full-year 2012 guidance to a range between $6.35 a share and $6.50 a share, up from previous guidance of $6.25 a share and $6.50 a share.
Shares of 3M rose 3.29% to $90 in premarket trading Tuesday.
TheStreet Ratings gives 3M an A- grade with a buy rating and $100.25 price target. The stock has risen 6.61% year to date.
-- Written by Alexandra Zendrian
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