The St. Paul, Minn.-based company said profits jumped by almost 44 per cent in the March quarter, to $722 million, or 90 cents a share, up from $502 million, or 63 cents a share, last year (all figures in U.S. dollars).
The consensus estimate among analysts polled by Thomson First Call was for earnings of three cents a share.
Revenues rose 14 per cent, to $4.94 billion. 3M credited exchange rates for a 6.1-per-cent increase in its revenues as about 60 per cent of the company's sales came from outside the U.S.
"Worldwide sales in local currencies increased in all seven of our businesses, and we generated double-digit increases in operating income and earnings per share," chairman and CEO W. James McNerney said in a statement. "We are off to a great start in 2004."
Excluding the impact of exchange rates, sales in 3M's display and graphics unit rose 20 per cent. Sales of safety equipment, including traffic signs, pavement markings, software for the issuance of passports, and facial-recognition software, rose 9.2 per cent. Sales of industrial products such as abrasives used in metalworking and woodworking rose 8.5 per cent. Sales of consumer and office items, which includes products such as Post-it Notes and Scotch tape, rose 7.4 per cent. Sales of products such as connectors and cable rose 2.5 per cent. Healthcare products sales rose 2.2 per cent.
The company also increased its guidance for 2004 for the fourth time. 3M now expects per-share earnings of $3.60 and $3.70 per share. At $3.70 a share, earnings will be up by 19.7 per cent from the previous year.
Analysts surveyed by Thomson First Call expect $3.50 to $3.70 a share for fiscal 2004.
For the second quarter, 3M expects earnings per share of 94 to 96 cents.
3M has 75 employs in Ottawa at its 3M-AiT Ltd. subsidiary, a maker of ID security products.
