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3M Co. (MMM) Announces Strong Q4, Profit Rises 74%

By Thomas Frommherz for CEOWORLD Magazine Updated:January 28, 2010

The Maplewood, Minnesota-based, 3M Co. (MMM, News, Press Releases: 80.84 -0.42 -0.52%, yield: 2.53, cap: 57.536B, 1yr target: 94.08) posted fourth quarter earnings of $935 million, or $1.30 per share, as compared to $536 million, or 77 cents per share, in the same quarter last year. Revenue rose 11 percent, to $6.12 billion. The company upped it 2010 earnings forecast to a range of $4.90 to $5.10 per share, as compared to a prior forecast of $4.85 to $5 per share.

“By any measure, 2009 was a highly successful year for 3M and I could not be more proud of the 3M team for their undaunted effort in a challenging year,” said George W. Buckley, 3M chairman, president and CEO. “Importantly, our company got stronger and our results improved as the year went on, culminating with an outstanding fourth quarter.”

The results were released before the market opened, and shares plunged 3% to $82.64 on the New York Stock Exchange, still near the end of their 52-week range of $40.87 to $85.17. Goldman Sachs earlier this month kept a bullish stance on the industrials and basic-materials sectors, predicting stronger global industrial demand.

The Procter & Gamble Company (PG, News, Press Releases: 63.7701 +0.0701 +0.11%, yield: 2.76, cap: 185.2B, 1yr target: 69.76) rose 2.30% to $62.20 it said its fiscal second-quarter net income fell 7% to $4.66 billion, or $1.49 a share, from $5 billion, or $1.58, a share, a year earlier. Solutia Inc. (SOA, News, Press Releases: 14.69 +0.04 +0.27%, yield: N/A, cap: 1.784B, 1yr target: 18.20) soared 7.73% to $13.65 after it swung to a fourth-quarter profit on higher sales volumes and lower costs as well as $470 million in prior-year impairment and restructuring charges. Citrix Systems, Inc. (CTXS, News, Press Releases: 48.625 -0.375 -0.77%, yield: N/A, cap: 8.939B, 1yr target: 44.33) rose over 4.14% to $43.72. The company although beat the Q4 results, but provided a weaker than expected outlook.

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