3M ( MMM ) raised its full-year earnings outlook Tuesday after reporting third-quarter results that beat Wall Street estimates.
[ibd-display-video id=2402252 width=50 float=left autostart=true]The Dow Industrial competent now sees full-year earnings per share of $9.00 to $9.10, up from an earlier outlook of $8.80 to $9.05. Analysts expect EPS of $8.95. 3M now sees full year sales growth of 4% to 5%, narrowing its early outlook of sales growth of 3% to 5%.
Shares jumped 5.35% to 233.40 on the stock market today , gapping above a buy range and hitting a record high. 3M and Caterpillar ( CAT ) led the blue chips to record levels on their strong results, with United Technologies ( UTX ) and McDonald’s ( MCD ) also contributing.
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3M’s Q3 earnings jumped 8.4% to $2.33 per share and revenue was up 6% to $8.17 billion. That was the best sales growth in four years. Analysts expected EPS of $2.21 on revenue of $7.91 billion.
Industrial segment sales rose 6.2% to $2.8 billion led by growth in the Asia-Pacific and Latin America/Canada regions. Health care unit sales climbed 7.7% to $1.5 billion while electronics and energy sales were up 13.1% to $1.4 billion.
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