3M just misses Q3 estimates


3M posted a Q3 profit rise but came in just below Wall Street estimates.

The company registered a net income of $775 million, or EPS of $0.97, against $663 million, or EPS of $0.83 in the same period in 2003. Net income and EPS rose by nearly 17 per cent, in part due to the weakness of the dollar.

But 3M chairman and CEO James McNerney remained confident, saying: "We are optimistic about the strength of our diverse business and technology portfolio, but remain cautious on the global economy.

"We have achieved strong earnings, cash flow and economic profit growth in 2004 despite increasing raw material price pressure, and are confident in our ability to leverage our corporate initiatives to drive sustainable revenue growth and operational excellence in the future."

St Paul (MN)