April 24--3M Co. said its first-quarter profit rose 7 percent with sales of health care-related products leading broad gains across the company.
The performance was roughly in-line with investor expectations, though sales fell a little short. 3M said health care products grew 6 percent and industrial products, the company's largest business segment, grew 5 percent.
3M chief executive Inge Thulin called the January-to-March period a "solid quarter" and noted 3M had positive organic growth in all business groups and geographic segments. The company maintained its performance outlook for the rest of the year.
Maplewood-based 3M earned $1.21 billion, up from $1.13 billion a year ago. Its per-share profit rose 11 percent to $1.79 a diluted share from $1.61 a year ago.
Revenue was $7.83 billion, up from $7.63 billion a year ago. Analysts had forecast revenue of around $7.95 billion.
Shares in 3M hit an all-time high of $140 in late December, fell to $124 in early February and have been up in the high $130 a share level in recent weeks. The stock closed at $137.99 on Wednesday. The company is Minnesota's most valuable by market capitalization.
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