3M posts bumper first quarter figures after sticking to its guns on restructuring

Oliver Gill
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3M makes Post-it notes, which can be used for all manner of purposes (Source: Getty)

The US firm behind Scotch tape and Post-it notes today posted better-than-expected quarterly figures and upped its full-year forecasts.

3M bumped full-year earnings up 25 cents per share to a maximum of $9.05, well ahead of a consensus poll of analysts collected by Thomson Reuters of $8.63 per share.

Sales, 3M said, will grow as much as five per cent, compared with previous cap of three per cent.

Read more: 3M to cut 1,500 jobs on falling sales

Net income in the first three months of 2017 rose 3.8 per cent to $1.32bn (£1bn).

3M makes more than 60 per cent of its sales outside the United States. Its earnings were boosted by a restructuring of the group that has seen it sell off assets and cut headcount over the past year.

Shares in the US-listed firm rose nearly 0.5 per cent in trading.

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