3M posts slightly better-than-expected 2Q profit

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Associated Press

Posted on July 25, 2013 at 8:00 AM

Updated Thursday, Jul 25 at 8:02 AM

MINNEAPOLIS (AP) — 3M Co., which makes a wide range of items including Scotch tape, coatings for signs, and roofing shingles, says its net income rose 2.6 percent as revenue grew across most of its businesses.

3M left its full-year guidance unchanged.

The company earned $1.2 billion, or $1.71 per share, in the most recent quarter. That's a penny better than expected by analysts surveyed by FactSet.

Revenue rose 2.9 percent to $7.75 billion. That's just slightly less than analysts had expected, on average.

Revenue rose in each of 3M's divisions except for its electronics and energy unit, where sales fell 3.2 percent. Profits in that unit fell 16 percent.

Its shares slipped 98 cents to $115.35 in premarket trading.

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