3M Profit Tops Estimates, Reaffirms 2017 Guidance

By Ciara Linnane Markets MarketWatch Pulse

3M Co. said Tuesday it had net income of $1.155 billion, or $1.88 a share, in the fourth quarter, up from $1.038 billion, or $1.66 a share, in the year-earlier period. Sales edged up to $7.329 billion from $7.298 billion. The FactSet consensus was for EPS of $1.87 and sales of $7.338 billion. The maker of post-it notes and industrial goods said it still expects 2017 earnings to rage from $8.45 to $8.80 a share. The current FactSet consensus is for 2017 EPS of $8.64. Shares were flat in premarket trade, but have gained 28% in the last 12 months, while the S&P 500 has gained about 19%.

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