3M forecasts adjusted profit up 10-14 percent in 2011
New York (AP) — 3M Co., which makes everything from Post-Its and Scotch Tape to respirators and computer monitor arms, said Tuesday it expects adjusted earnings to grow 10 to 14 percent next year over its predicted profit for 2010.
The St. Paul, Minn. company predicts 2011 earnings between $5.90 and $6.10 per share. That includes 27 cents per share of pension cost.
Excluding that expense, it forecasts earnings of $6.17 to $6.37 per share, up 10 to 14 percent from its 2010 prediction.
It sees 2011 revenue of $29 billion to $30.5 billion.
Thomson Reuters says analysts, who generally leave out one-time items from their estimates, expect a profit of $6.20 per share on revenue of $29.15 billion.
Despite the strong outlook, 3M shares dove about 3 percent in morning trading. The company says its sales will grow in the range of 5.5 percent to 7.5 percent. That's below the 7 percent to 8 percent range 3M says its aiming for.
The company still expects earnings this year of $5.59 to $5.63 per share, or $5.70 to $5.74 per share excluding a charge.
3M Co. said it also plans to look for more acquisitions that boost its technology offerings. 3M in August agreed to pay $230 million in cash for an Israeli company that makes tracking devices. In the same month 3M said it will pay $943 million for Cogent Inc., which develops systems that read finger and palm prints, and iris and face recognition systems.
In September, it agreed to pay $810 million for Arizant Inc., a company that makes heating devices for surgical patients.
Shares fell $1.22, or 1.4 percent, to $85.66 in morning trading Tuesday.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
MPR editor Bill Catlin contributed material to this report. AP-NY-12-07-10 1041EST