The net income of the firm went up in the tune of 4.1 % reaching the sum of 1.13 billion dollars which is precisely 1.59 dollars per share. This happened due to a hike of demand both in industries and automobiles.
Today the firm made a statement stating these facts. According to analysts estimates the firm would have earned in the tune of 1.49 dollars per share. The estimate was the average of 165 estimates recorded by Bloomberg.
This hike happened as the American market geared up sales in the transportation as well as industrial units of the largest division of 3 M based in Minnesota. The company saw a loss of 29 percent in its operating profit of its graphics and display business.
Mark Demos the portfolio manager working in Minneapolis’ Firm named Fifth Third Asset Management said over a phone interview that 3M could surpass the estimates due to a boom in technologies business and it is good that they see a decline in their operating incomes on a year over year basis as it proves that the company’s business in other areas are doing fine. Mark oversees share of the company worth Eighteen billion dollars. The shares of 3M got a raise of 1.6% in their shares reaching, eighty eight dollars and forty nine cents in New York Stock Exchange. The stocks advanced in the tune of 8.3 % due to this.
The firm further announced that the company will have more profit in 2012 as their share will hit six dollars thirty five cents to six dollars fifty cents rising from six dollars twenty five cents which was the previous rate.
There was a raise in the firm’s Us sales. The rise was in the tune of 2.4 % amounting to 7.49 billion dollars. Due to this profit the company could make up for the loss in its Asia-Pacific region which saw a drop of 1.9 %.
The company’s automobile and industrial section reported a sales in the amount of 2.66 billion dollars which is a hike of 8.6 %. Their safety and security business saw a raise of 5.6% in their sales hitting the figure of 981 million dollars.
Inge Thulin, the CEO of the company, in an interview given on February 8 2012 said that The Company will hold onto its current strategy of growth expanding their business in the developing markets and spending more on research.