3M Reports Earnings Per Share of $1.53

Office supply maker 3M (MMM) reported third quarter earnings of $1.53 per share, up 13.3% from a year earlier.

Sales rose 11 % to $6.9 billion, boosted by a strong performance in emerging markets, the company said in a statement. Emerging markets now represent 34% of the company's worldwide sales.

"The 3M team posted yet another outstanding quarter, with 11 percent organic volume growth and 23 percent margins," said George W. Buckley, 3M's CEO. "We drove growth throughout the portfolio, with more than 80 percent of our operating divisions posting year-on-year sales increases."

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3M now expects full-year earnings per share of $5.70 to $5.74, excluding the Medicare Part D-related charge recorded in the first quarter.

The new forecast reduces the high end of the range by 6 cents per share because of anticipated earnings dilution related to the company's acquisitions in October. 3M purchased Attenti Holdings SA, Arizant Inc and a controlling interest in Cogent Inc.