News

3M beats Street 1Q forecasts

ST PAUL, Minn. (AP) _ 3M Co. (MMM) on Tuesday reported first-quarter earnings of $1.27 billion.

On a per-share basis, the St Paul, Minnesota-based company said it had net income of $2.05.

The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.92 per share.

The maker of Post-it notes, industrial coatings and ceramics posted revenue of $7.41 billion in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $7.32 billion.

3M shares have climbed 12 per cent since the beginning of the year, while the Standard & Poor’s 500 index has risen 2 per cent. The stock has risen 5.5 per cent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MMM at http://www.zacks.com/ap/MMM

_____

Keywords: 3M, Earnings Report, Priority Earnings