3M Beats EPS Estimates By 1 Cent (MMM)

3M Company MMM released financial results on Tuesday morning that barely beat Wall Street estimates. 3M Company announced that its 4th quarter net income fell to $928 million, or $1.28 per share, down from $935 million, or $1.30 per share, a year earlier. 3M Company reported revenue of $6.71 billion, up 9.6% from $6.12 billion a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of $1.27 per share, on revenue of $6.62 billion. Chairman, president and chief executive officer George W. Buckley said, “3M made great progress in 2010 as we achieved record sales and earnings per share for the year, and made significant investments to improve long-term growth. For example, our research and development investments of $1.4 billion fueled innovation and drove new product sales as a percent of total to 31 percent. We also accelerated sales and marketing investments in high-growth markets to help secure future growth. Overall, I could not be more proud of the 3M team for their effort in 2010.” 3M Company (MMM) finished the previous trading day at $90.32 per share. The consensus price target of analysts covering the company's stock is $100.56 per share. 3M Company increased its 2011 earnings guidance to a range of $5.95 to $6.20 per share, up from the prior expectation of $5.90 to $6.10 per share. Read more from Benzinga's Company news.