3M Co. reported a 4-per-cent rise in quarterly profit on Tuesday, helped by a strong performance in its industrial and transportation business and growth in the Americas.
The Minneapolis company also provided a modest increase to its full-year profit outlook.
The maker of Post-It notes, Scotch tape and components for consumer electronics reported net earnings of $1.12-billion, or $1.59 per share, compared with $1.08-billion, or $1.49 per share, a year earlier.
Analysts on average were expecting a profit of $1.49 a share, according to Thomson Reuters I/B/E/S. The 2012 results included a 4 cent per share charge related to a voluntary retirement program.
3M’s sales rose 2.4 per cent to $7.5-billion during the first quarter, the company said. The revenue performance was in line with analyst expectations.
The company increased its forecast for 2012 earnings to a range of $6.35 and $6.50 per share, up from its prior range of $6.25 and $6.50 per share.
3M maintained its expectation for growth in organic sales of between 2 per cent and 5 per cent, and operating margins in a range of 21 per cent to 22.5 per cent.