3M backs 2011 profit outlook, issues 2012 guidance
NEW YORK—3M Co. on Tuesday reaffirmed its profit outlook for the current fiscal year and projected a 2012 profit and sales range that brackets current Wall Street expectations.
3M said it still expects to post a 2011 profit of $5.85 to $5.95 per share, while analysts, on average, expect 93 per share, according to a FactSet poll.
For 2012, the company said it expects a profit of $6.25 to $6.50 per share on $30.2 billion to $31.5 billion in sales. Analysts polled by FactSet expect a profit of $6.31 per share on $30.59 billion in sales for the year.
The St. Paul, Minn.-based manufacturing conglomerate said it would formally announce the outlook at a meeting of analysts and institutional investors later Tuesday.