3M Reports Jump in Profits, Raises Outlook
3M Co.'s first-quarter profit climbed 79%, as sales surged across all its businesses, causing the company to boost its financial outlook for the rest of the year.</br></br>Total sales at the consumer and industrial manufacturer rose 25% to $6.35 billion, fueled by new products, growth in emerging markets and improved demand from 3M's customers in automotive manufacturing and consumer electronics.</br></br>The sales growth was a quarterly record for 3M, which reported double-digit increases in each of its six major business segments.</br></br>The St. Paul, Minn., company now expects to earn $5.40 to $5.60 a share this year, up from its earlier forecast of $4.90 to $5.10 a share. 3M also forecast sales growth, excluding revenue from acquisitions, of 10% to 12%, compared with the company's January view of 5% to 7% growth</br></br>3M--whose products include Post-It notes, sand paper, Ace bandages and reflective films for flat-screen televisions--said the cost cuts and changes to its manufacturing process that it imposed during last year's recession are helping the company's margins now.