INDUSTRIAL and consumer goods conglomerate 3M reported higher-than-expected quarterly profit yesterday, helped by sales to emerging markets, and raised its full-year profit forecast.
3M posted net earnings of $1.08bn (£655m), or $1.49 per share, compared with $930m, or $1.29 per share a year earlier. Analysts on average expected profit of $1.44 per share.
Sales rose 15 per cent to $7.31bn, ahead of Wall Street forecasts of $6.95bn.
“Our businesses are growing almost everywhere in the world,” chief executive George Buckley said.
3M said emerging markets account for more than a third of its sales. India sales jumped 30 per cent this quarter, China and Hong Kong sales rose 27 per cent and revenue from Brazil was up by a quarter.
Revenue at 3M’s industrial and transportation segment, its largest by sales, rose 17 per cent, helped by demand from the aerospace and energy industries.
The maker of Scotch tape, Post-It notes, industrial abrasives and healthcare and electronics products expects 2011 profit of $6.05 to $6.25 a share, despite a negative impact from Japan’s earthquake.