3M tops Street third-quarter forecasts

3M on Tuesday reported a third-quarter profit of $1.43 billion.

The St. Paul, Minnesota-based company said the idea had net income of $2.33 per share.

The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.21 per share.

The maker of Post-the idea notes, industrial coatings along with ceramics posted revenue of $8.17 billion inside the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $7.91 billion.

3M expects full-year earnings to be $9 to $9.10 per share.

3M shares have increased 24 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 15 percent. The stock has increased 31 percent inside the last 12 months.

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