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Profit meets expectations for fourth quarter

Tuesday, Jan. 18, 2005 | 9:13 a.m.

MINNEAPOLIS -- 3M Co., which makes consumer staples such as Scotch tape as well as health care products, reported a 16.3 percent increase in fourth-quarter profit today, meeting the expectations of analysts.

3M said it earned $720 million, or 91 cents per share, for the three months ended Dec. 31, up from $619 million, or 77 cents a share, a year earlier.

The results met the forecasts of analysts surveyed by Thomson First Call, which had been lowered from 92 cents per share in October after 3M warned it would fall short.

Sales rose 7.9 percent to $5.1 billion, slightly better than analyst estimates. That's up from $4.7 billion during the same quarter last year.

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