UPDATE: 3M Reports Upbeat Q1 Earnings, Lifts 2011 Profit Projections

3M Co MMM reported its Q1 profit at $1.08 billion, or $1.49 per share, up from $930 million, or $1.29 per share, in the year-earlier period. The company's revenue surged to $7.31 billion from $6.35 billion. However, analysts were expecting earnings of $1.42 per share on revenue of $6.84 billion. 3M raised its 2011 profit projections to a range of $6.05 to $6.25 per share, from its previous forecast of $5.95 to $6.20 per share. The company projects its adjusted profit for 2011 of $6.27 to $6.47 per share. However, analysts estimated 2011 earnings of $6.24 per share. MMM shares gained 1.97% to $95.97 in pre-market trading. Read more from Benzinga's Company news.