3M Posts 6.4% Profit Growth; Shares Rise
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3M Co. reported growing profit across most of its businesses and said sales had turned around for its optical films for LCD televisions and computers, a key business that had lagged recently.
The 6.4% profit growth topped analyst expectations, just three months after 3M reported disappointing results because of slack demand for LCD films and problems at a new manufacturing plant.
Maplewood, Minn.-based 3M said it earned $894 million, or $1.18 a share, up from $840 million, or $1.08, a year earlier. Revenue rose 8.8% to $5.86 billion.
Analysts surveyed by Thomson Financial had predicted earnings of $1.12 a share on revenue of $5.76 billion.
Shares of 3M, a Dow component, rose $2.07 to $78.47.
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