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3M earnings rise but fall short of estimates

9:55 AM MDT | April 24, 2014 | Vincent Valk

3M today reported first quarter net income of $1.21 billion, up 7.1% year-on-year (YOY), on sales of $7.83 billion, up 2.6%. Earnings totaled $1.79/share, slightly short of analysts’ consensus estimate of $1.80/share, as reported by Thomson Reuters (New York). 3M’s industrials segment, which includes chemicals, saw sales rise 3.1% YOY, to $2.8 billion, while operating income increased 6.7%, to $618 million. Sales rose for purification, advanced materials, abrasives, transportation and aerospace businesses, while sales declined in the personal care...

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