St. Paul, MN-based 3M Co. (NYSE: MMM), the maker of Post-It notes, Scotch tape and now iPad screen film, delivered a quarterly earnings report today that proved their 75,000 plus employees are burning the midnight oil to recover quicker than expected.
Revenue rose 25 percent to $6.35 billion. 3M earned $930 million, or $1.29 per share, compared with $518 million, or $.74 cents per share, in the same period a year ago. Excluding a one-time charge related to tax changes in the new health care law, first-quarter earnings were $1.40 per share. Sales climbed 54.1 percent in the Asia Pacific region, which includes China. Sales in all six 3M business segments grew by double-digit percentages.
According to Thomson Reuters, analysts’ consensus estimates expected a profit of $1.21 per share on revenue of $5.94 billion. 3M beat both earnings by $.08 cents per share and revenues by $410 million.
3M now expects future earnings per share of $5.40 to $5.60 compared to a prior forecast of $4.90 to $5.10 per share.
In an effort to prove all the naysayers wrong and preserve roughly 200,000 plus American jobs, Dearborn, MI-based Ford Motor Co. (NYSE: F) posted a big profit, raised revenues by a double digit percentage and increased their forward outlook for the company. Not bad for a company that declined government assistance during the Great Economic Recession.
Ford’s 1st quarter revenue rose 15 percent to $28.1 billion. Excluding items, Ford earned a pretax operating profit of $.46 cents a share. Ford’s U.S. sales increased 37% for the quarter and its market share rose nearly three percentage points. The company generated $1.2 billion in North America. China proved to be a sales catalyst as Ford reported an 84 percent sales increase in China.
According to Thomson Reuters, analysts’ consensus estimates had expected revenue of $30.5 billion and a profit of $.31 cents per share. Ford missed on the revenue estimate by $1.4 billion, but beat the earnings estimate by $.15 cents a share.
This quarter, revenue increased 23% to $8.48 billion. DuPont reported earnings of about $1.14 billion, or $1.24 per share, for the quarter ending March 31, up from $488 million, or 54 cents per share, in the same period a year ago.
CEO Ellen Kullman said, “Our intense focus on customers, sustained R&D investments and productivity improvements are delivering growth…macro trends drove first-quarter demand for our science-based innovations, and DuPont was ready.”
According to Thomson Reuters, analysts expected a profit of $1.06 cents per share on revenue of just over $8 billion. DuPont beat earnings by $.18 cents per share and beat revenues by over $400 million.
3M increased its full-year earnings guidance to a range of $2.50 to $2.70 per share, up from $2.15 to $2.45 per share.