The St. Paul, Minn.-based company posted profits of $1.32 billion, or $2.16 per share, on sales of $7.69 billion for the 3 months ended March 31, for bottom-line growth of 3.1% on sales growth of 3.8% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were $2.16, ahead of consensus on The Street, where analysts were looking for sales of $7.52 billion.
“The 3M team delivered a strong start to 2017, marked by organic sales growth of 5% – with positive growth in all geographic areas,” chairman, president & CEO Inge Thulin said in prepared remarks. “At the same time, we increased investments across the enterprise to further accelerate growth and improve productivity, while increasing our dividend for the 59th consecutive year. In the 1st quarter we also announced the acquisition of Scott Safety, which will bolster 3M’s already strong position in the personal safety market.”
In the company’s healthcare branch, sales were up 2.3% to $1.4 billion, driven by increases in sales of drug delivery systems and oral care.
3M updated its guidance for 2017, forecasting sales growth to be 2 to 5%, up from previous guidance of 1 to 3%. The company said it expects earnings in the range of $8.70 to $9.05 apiece.
MMM shares were trading at $194.88 apiece today in afternoon trading, up 0.3%.