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3M Company fourth-quarter EPS in line, misses on revenue

Published 01/30/2014, 07:39 AM
Updated 01/30/2014, 07:39 AM
3M Company rises 0.6% in pre-market trade after Q4 earnings

Investing.com - U.S. multinational conglomerate 3M reported weaker-than-expected fourth quarter revenue figures ahead of Thursday’s opening bell.

3M said earnings per share came in at USD1.62 in the fourth quarter, meeting expectations. The company’s fourth quarter revenue totaled USD7.57 billion, below forecasts for revenue of USD7.71 billion.

Sales and per-share earnings were the highest of any fourth quarter in 3M’s history.

The company paid USD423 million in cash dividends to shareholders and repurchased USD1.7 billion of its own shares during the quarter.

The fourth quarter concluded a very successful year for 3M, said Inge G. Thulin, 3M chairman, president and chief executive officer.

The company affirmed its 2014 full-year performance expectations. 3M said it now expected full-year earnings per share in a range between USD7.30 to USD7.55.

Following the release of the report, 3M shares inched up 0.6% in pre-market trade.

Meanwhile, the outlook for U.S. equity markets remained higher. The Dow Jones Industrial Average futures indicated a gain of 0.45% at the open, S&P 500 futures pointed to an increase of 0.5%, while the Nasdaq 100 futures indicated a rise of 0.85%.

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