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3M exceeds earnings estimates as sales grow in industrial unit
[NEW YORK] 3M Co's fourth-quarter profit narrowly beat analysts' estimates as the maker of Post-it notes boosted sales in its industrial operation.
Earnings rose to US$1.88 a share, the St Paul, Minnesota-based company said Tuesday in a statement. That compares with the US$1.87 average of estimates compiled by Bloomberg.
The results capped a challenging year for 3M, which faced a steady drag from the strong US dollar and a sharp downturn in the consumer-electronics market. With about two-thirds of revenue coming from overseas, the maker of adhesives, touchscreens and dental tools has looked to reduce US expenses and strengthen business in Europe and Latin America.