3M reports fourth-quarter profit rose by 3.9 percent
APMINNEAPOLIS--Office products helped lift 3M's fourth-quarter profit, despite a slowdown in other parts of its business.
January 25, 2013, 12:12 am TWN
The U.S.-based company earned US$991 million, or US$1.41 per share, up 3.9 percent from a year earlier. The results matched expectations of analysts surveyed by FactSet.
Because the company includes a wide range of industries and sells products all over the globe, its results are a closely watched economic bellwether.
3M said profits grew in its consumer and office business, which makes Scotch tape and Post-it notes, as well as in its health care unit. Profits fell in all four of its other divisions, which make things like industrial products and construction materials.
Its revenue rose 4 percent to US$7.39 billion, above expectations of US$7.17 billion.