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Post-it manufacturer 3M announced record fourth quarter profits this morning of $1.35 per share, topping analyst expectations by four cents.Top line results at the St. Paul, Minnesota, firm grew 5.7% to $7.1 billion, in line with forecasts.
“We were resilient enough to achieve these results in the face of deteriorating demand in both Western Europe and consumer electronics,” 3M CEO George Buckley said.
Sales growth was strongest in the company’s industrial and transport unit, which grew 14.3%, and helped bolster the firm even as sales declined in communications and display.
Regionally, 3M saw revenue surge in Latin America and Canada, up some 9.7%. U.S. sales grew by 7.4%.
“Our commitment to the future continued, with investments of $1.6 billion in research and development and $1.4 billion in capital expenditures during the year, aimed primarily at faster growing markets,” Buckley said.
Shares are up more than 1% in pre-market trading.