Diversified US manufacturer 3M Co reported earnings that beat Wall Street's expectations and raised its forecast for the year, boosted by strong demand in key emerging markets. The company, which makes products ranging from Post-It notes to films used in flat-panel televisions, said on Thursday second-quarter profit rose 43.2 percent to $1.12 billion, or $1.54 per share, compared with a profit of $783 million, or $1.12 per diluted share, a year earlier.
Analysts, on average, had looked for earnings of $1.48 per share, according to Thomson Reuters I/B/E/S. Revenue rose 17.7 percent to $6.73 billion, in-line with the company's June 28 forecast. 3M now expects a full-year profit of $5.65 to $5.80 per share, excluding a first-quarter charge related to the US healthcare reform law, up from a prior forecast of $5.40 to $5.60 per share. It expects organic sales - a measure that factors out the effect of acquisitions and divestitures, as well as currency fluctuations, to rise 13 percent to 15 percent for the year, higher than its previous 10 percent to 12 percent view.
Wall Street had expected full-year earnings of $5.63 per share. The St. Paul, Minnesota-based company, which also makes Scotch tape and bandages, noted during the quarter that the weakening euro could weigh on its results during the second half of the year.
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