3M Co : 3M quarterly profit beats, forecast steady
07/26/2012| 08:04am US/Eastern
(Reuters) - 3M Co reported a higher-than-expected quarterly profit on Thursday, helped by double-digit gains in its healthcare and industrial and transportation businesses, and the diversified manufacturer kept its full-year forecast unchanged.
The maker of Post-It notes, specialty films used in consumer electronics, and health and safety products said it had earned $1.17 billion, or $1.66 per share, compared with $1.16 billion or $1.60 per share, a year earlier.
The results beat analyst estimates by 1 cent a share, according to Thomson Reuters I/B/E/S.
Sales dipped 2 percent to $7.53 billion, about $250 million shy of Wall Street estimates. Sales and profits were lower in 3M's display and graphics business and in the segment that serves telecom and consumer electronics markets.
3M said the strong dollar and challenging economies had hurt sales in the quarter, but kept its 2012 profit forecast that calls for earnings of $6.35 to $6.50 a share. Consensus estimates are near the bottom of that range.
(Reporting by Nick Zieminski in New York; Editing by Gerald E. McCormick and Lisa Von Ahn)