3M profit rises 11 percent, but revenue misses Wall Street target

Thu Jan 30, 2014 8:08am EST
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(Reuters) - Diversified manufacturer 3M Co (MMM.N: Quote) posted an 11 percent rise in fourth-quarter net income on Thursday, helped by higher earnings across most of its business lines, but sales missed Wall Street's target.

Revenue rose 2.5 percent to $7.57 billion, below the analysts' average estimate of $7.71 billion.

The company, whose products include Post-it notes and film for flat-panel televisions, backed its 2014 profit and revenue targets.

3M said net income rose to $1.1 billion, or $1.62 per share, from $991 million, or $1.41 per share, a year earlier.

The results were in line with the analysts' average estimate of $1.62 per share, according to Thomson Reuters I/B/E/S.

(Reporting by Lewis Krauskopf; Editing by Lisa Von Ahn; Editing by Lisa Von Ahn)

3M Company's respirator masks are displayed in Encinitas, California April 22. 2013. REUTERS/Mike Blake