The Minnesota Mining and Manufacturing Company, 3M, posted on Thursday its fourth quarter earnings report, meeting expectations where net income was $1.0 billion.
3M fourth quarter earnings rose to $1.0 billion or $1.41 per share, higher by 4.4 percent from $1.35 per share or $974 million a year earlier, meeting analysts’ estimates.
The technology company revenue jumped to an all-time fourth quarter record of $7.4 billion, from $7.09 billion a year ago, while forecasts were $7.18 billion.
For full year 2012, 3M reported sales of $29.9 billion up 1.0 percent from previous year, while earnings jumped 6.0 percent to $6.32 per share.
Inge G.Thulin, 3M chairman, president and chief executive officer said: “Fourth-quarter was a good finish to a successful year for 3M, our people executed well in the face of challenging macroeconomic conditions and we have built good momentum to innovate and move forward in 2013”.
Furthermore, for this year 2013, 3M expect earnings to be in a range of $6.70 to $6.95 per share.
As of 08:07 New York Time, 3M share price rose 0.41 percent or 0.41 points to $99.90.