Star Tribune Thu, 24 Apr 2008 20:18:11 GMT
3M profits beat expectations despite drops in consumer and office, display and graphics units
MINNEAPOLIS - 3M Co. makes sticky stuff from Scotch tape to Post-it notes, but it is struggling to keep profits for its television screen coatings from coming unglued. On Thursday, it said things that could have made Wall Street happy. 3M has broad exposure to the U.S. economy but still reported operating profit growth for the first quarter, better than analysts expected. It also stuck to its prediction that earnings per share would grow 10 percent this year. But 3M shares dropped $1.50, or 1.9 percent, to close at $79.13 after Chairman and Chief Executive George Buckley warned prices for its LCD screen coatings may not have bottomed out. And Chief Financial Officer Patrick Campbell said 3M's earlier hope for revenue growth of 5 percent to 8 percent is "probably unrealistic in today's economic world."
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