Diversified technology company 3M Co.'s (MMM) first-quarter net income attributable to the company improved slightly to $1.13 billion, or $1.61 per share, from last year's $1.125 billion, or $1.59 per share. On average, 15 analysts polled by Thomson Reuters expected earnings per share of $1.65 for the quarter. Analysts' estimates typically exclude one-time items.
Sales rose 2.0 percent year-on-year to $7.63 billion, from $7.49 billion, while 11 analysts estimated revenues of $7.81 billion for the quarter. Organic local-currency sales went up 2.1 percent and acquisitions added 1.7 percent to sales, whereas currency impacts reduced sales by 1.8 percent year-over-year.
Looking ahead, 3M now sees 2013 earnings in the range of $6.60 to $6.85 per share versus its previous range of $6.70 to $6.95 per share. The company continues to forecast organic local-currency sales growth of 2 to 5 percent for the year. Foreign currency translation is expected to reduce full-year sales by about 1.5 percent. Earlier, 3M anticipated no impact to 2013 sales from foreign currency translation.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.