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Strong transportation sales help 3M beat 1Q profit expectations; tightens 2012 guidance
MINNEAPOLIS (AP) ' 3M Co. says net income rose 4 percent in the first quarter as strong sales to automotive and aerospace customers offset a continuing decline in sales to the consumer electronics industry.
The company earned $1.13 billion, or $1.59 per share. That was well ahead of the $1.48 per share expected by analysts surveyed by FactSet. 3M's revenue of $7.49 billion matched analyst expectations.
The company, based in Maplewood, Minn., makes coatings and adhesives as well as consumer products such as Scotch Tape and Post-it notes. Weak spots included coatings for LCD televisions and sales in Europe.
3M tightened the range for its profit guidance for this year to $6.35 to $6.50 per share. The low end is 10 cents per share higher than its earlier prediction.