3M 1Q results improve, but miss Street's view

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Associated Press

Posted on April 24, 2014 at 5:01 AM

Updated Thursday, Apr 24 at 5:04 AM

ST. PAUL, Minn. (AP) — 3M says its first-quarter net income rose 7 percent, led by sales growth in its health care business.

The maker of products from Post-it notes to industrial coatings and ceramics said Thursday that it earned $1.21 billion, or $1.79 per share, for the three months through March 31. A year earlier it earned $1.13 billion, or $1.61 per share.

Earnings were a penny shy of analysts' expectations, according to FactSet.

Revenue increased 3 percent, to $7.83 billion from $7.63 billion, but missed the $7.97 billion Wall Street forecast.

Foreign currency fluctuations lowered revenue by 2 percent. 3M Co. gets a considerable amount of revenue from outside the U.S., making it susceptible to currency swings.

The company maintained its earnings forecast for the year.

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