3M (MMM) 1Q earnings beat analyst expectations, and the company has increased its full-year earnings forecast 10% to $5.40 – $5.60 per share from $4.90 – $5.10.
The stock is up about 2.5% right now and near $89.50 sits near a 52-week high. It is valued at over 16x its latest forward profit forecast.
Even if you don’t care where 3M shares are going, there were some key economic data points in the report relevant to broader investors.
Note: The author does not own shares of 3M. Investors he speaks with may be long or short any securities related to the company.
This includes 'Industrial & Transportation', 'Health Care', 'Consumer & Office', 'Display & Graphics', 'Safety, Security, & Protection Systems', and 'Electro & Communications'. All are seeing a robust business environment.
'Each of the company's six business segments posted double-digit sales growth and 20 per cent-plus operating income margins. Sales growth was strongest in emerging economies, where sales expanded by 47 per cent versus the first quarter of 2009. ... By any measure, we are off to a tremendous start in 2010,
Even in the U.S..
This isn't just about strong emerging markets, the U.S. is contributing as well.
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